Two of the 12 graphs Rich Toscano has included on his latest post at piggington – click here for more:
http://piggington.com/june_2012_resale_data_rodeo
Though it appears that the market is moving in a positive direction, it sure can be a challenge.
Examples:
1. A couple, who has sold their house and are living in a hotel, makes a full-price offer on my REO listing on Kerisiano.
But BofA isn’t satisfied, and instead counters, raising the deposit from $5,000 to $5,190, which is 10% of the purchase price. The buyers reluctantly agree, and then do their inspection and promptly cancel the sale for unknown reasons. But you can guess where the aggravation started.
2. My buyers sign off all contingencies and look forward to closing on a house ten days later. Though it was discussed previously, upon receipt the listing agent says that now the seller will be talking to the tenant-occupants about moving. What? They need to be out prior to close! (Thankfully they agreed, and did move).
3. The latest Fannie Mae REO listing is a one-bedroom condo in San Carlos. Two other one-bedroom units on the same floor in the same building have closed this year for $75,000, and $82,000.
Fannie Mae’s list price? $129,900.
Note:
“5. the undeiniable signs of recovery in every graph”
To be clear, that’s a remark from sdrealtor, not me or Rich.
Another sdrealtor gem:
I think we still have a good ways to go to undo all the damage but we sure have come a long way.
:facepalm:
If you were one of the many that has been calling bottom earlier this year, feel good about yourself. You got it right so far, and based on the size of the bounce maybe we’ll see YoY increases next year. Looks good so far.