SHORT SALE UPDATE AS OF JUNE 22, 2012 BY LISA DOYLE WITH J. ROCKCLIFF REALTORS


Hi there, I’m Lisa Doyle with J. Rockcliff Realtors and welcome to our update on short sales. Whenever we see changes in the market trends, changing when it comes to the short sale strategy and the short sale, the “how it may be affecting you”, I want to make sure to keep you informed. You know, if you are contemplating a short sale, there are a few key things that you need to keep in mind.
Our tax relief that was put in place in California about a year and a half ago is due to expire at the end of 2012. Which means, if you are an owner-occupant and you sell your home on a short sale, you will not be taxed on the forgiveness for the rest of this year. After 2012, that tax will go into effect and it could cost thousands of dollars for homeowners in our area.
So, just something to be aware of. But one other thing that I wanted to share is another bank has jumped on the bandwagon as far as giving the home owners who need help extra money for their relocation. Typically when you do a short sale, most home owners are eligible to get, you know, $2,000 to $5,000 worth of relocation assistance.
Well, about two years ago, Chase put into effect a program where the homeowners actually get $32,000 at the closing to help them with their relocation and kind of give them a fresh start, you know, just help them out. Most of our clients that are short selling, it’s been hard. You know, they’ve had some significant hardship and they just are struggling.
And so that $32,000 can be life changing. To help you get relocated and kind of start over again, a fresh start. Well now Bank of America is now adopting the same program and what’s been great about this is, when you first apply for a Chase short sale, we always try to go after and find out, can we get that money for our client?
Most of the time, the people are not on the qualified list, which means the investor who gave them their loan initially is the one that’s not participating in this program Well we just helped a family get added to that list so if you’ve been told you don’t qualify give us a call because there is a contact that we have at Chase where we can potentially get you added to the list.
It’s worked for us once and so we’re gonna keep trying. And then of course Bank of America offers the same funds so we’ve been told that the rest of the big banks, you know, the Wells Fargos of the world, other big banks that have had a lot of short sales in our area or they may be participating in the same program.
So any short sale question you have or circumstances about your particular home and your situation, give us a call. My name again, is Lisa Doyle My number is 925-890-7443 and I look forward to talking with you soon.

Lisa Doyle, TheDoyleTeam.com, Greg Doyle, San Ramon Homes, Danville Homes, Bay Area Homes, Bay Area Short Sales, Bay Area Foreclosure, Short Sale in San Ramon, East Bay Real Estate Market

HOW IS THE EAST BAY REAL ESTATE MARKET AS OF JUNE 22, 2012 BY LISA DOYLE WITH J. ROCKCLIFF REALTORS


Hi, there. I’m Lisa Doyle with J. Rockcliff Realtors and welcome to our “How’s the Market?” segment. And today I’ve got some great information to share about the overall market conditions. Today is Friday, June 22nd, and as you know from watching previous market updates over the last 6 months our market has been in a state of dramatic change.
A lot more buyer demand, dramatically less inventory and the prices are looking stronger. So things are continuing to look really good and I’ll share some information. And then I’ve got a little bit of a twist that I want to share that will give you as a seller, if you’re thinking about moving, something really to think about when you’re strategizing about your price for your home and kind of the current market.
So right now, we have on the market, total inventory which is really amazingly lower than what we’ve had. This is the lowest yet. Nine hundred and nine active listings on the market, down from 2400 active listings just last August so we’re almost a year, to you know, just a few months away from the highest level of inventory down in 909.
Current level of pending properties in our market, which is our East Bay, 2,087. So we’ve actually got a little less pending properties as well. It’s kind of an interesting dynamic. I think the really heated market we saw February, March, and April, those properties have all closed now, and so we’re starting to see just a little bit less going gone as far as members all the way around.
This last week we saw new listings came on the market, 152 and 168 went pending. So just a real consistent trend towards properties selling a little faster than they had. The average market time in our market right now is 26 days, down from, say 45 days just a few months back. There’s one statistic that I’ve been watching and it’s just a very interesting dynamic.
One of the numbers that we watch, the numbers of properties that are reducing price. Two weeks ago, there were 18 properties that had come down in price. Which means they hit the market too high for the market, make an adjustment, you know, probably go pending shortly after that.
This last week we had 43 price reductions. So more than double the amount of price reductions. So what that tells me when I’m watching the statistics in the market, is yes our market is improving and yes, the buyers are buying homes and the homes are selling quicker and our prices have improved a bit, but the home owners that are getting a little bit too courageous, pressing above the market are still having to reduce the prices between one and two times before the homes are selling.
At least in the last week or two so watch things closely and I have something else that I want to share that’s been a personal experience this week with a client of ours. Most homeowners look at the current environment and they think, okay, less inventory, more buyers, that means I can price my home high, and they go in with the anticipation of multiple offers.
Well, I had a client just this last week where the day we hit the market, first day we’d been marketing the home for two or three weeks. So we had a great interest immediately out the gate. First day we got a full price offer. They had in their hearts because of the current environment that maybe they would get more, which maybe you will.
And yet we ended up not getting more offers and the price didn’t end up going higher and they actually took an offer that was a little bit less because of the first day coming on the market the buyer stepped up, wrote a great price. So what that would recommend that you keep in mind is that, if you price your home, put the home on the market at a price that you’re super comfortable accepting, meaning the number that you would feel really confident, really good about if you got a full price offer. Rather than maybe pricing it less than what you think you want and expecting multiple offers expecting it to go higher because that’s not always the case. I mean, our market is much better but it’s still very sensitive to price given our 42 price reductions just this week in the market. So, you know, just keep an eye on that, a little piece of advice. But of course if you have any questions about your particular home or your circumstances or you want to know a little bit more about your neighborhood, give me a call any time.
My name, again, is Lisa Doyle. My number’s 925-890-7443 I look forward to talking with you soon.

Lisa Doyle, TheDoyleTeam.com, Greg Doyle, San Ramon Homes, Danville Homes, Bay Area Homes, Bay Area Short Sales, Bay Area Foreclosure, East Bay Real Estate Market