Tracy Real Estate market is waiting for the “shadow inventory “, a release of some of the already foreclosed homes. As of today, November 3rd, there are 189 active homes for sale in Tracy and surrounding areas. That is a combined number of REO”s, “normal” and short sale listings.
In Tracy and surrounding areas we have sold 139 homes in the Month of October. These sold homes were an average of 43 days on the market before selling. The average listing price was $236,718 and the average sales price was $243,393. As we see multiple offers on many of the homes listed, the offers coming in were over the asking price.
As most homes are selling for more than they were listed for, it seems that the appraisers have their hands full with appraising the homes for the value. This is mostly do to the fact that the appraisers’ evaluation is based on homes that have been sold recently in the same neighborhood. Many deals fell through because the value could not be justified by the recent sales on record. As a result, many buyers are asked to pay out of pocket to make up the difference.
Those buyers, who have been qualified for an FHA loan, have little chance to a fair shot to get an acceptance on their offer. Many buyers are coming in with cash at hand. Others are frustrated with this market and giving up on buying all together. In general, this is a buyers market, home prices are favorable, interest rates are still low, many people who are ready to buy homes…. but we don’t have enough homes to sell. Go figure.
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