Real Estate stories from Central Valley area Merced and Atwater

From the East Bay area in cities such as Concord, Clayton, Pleasant Hill and Walnut Creek to the Central Valley region including Modesto, Turlock, Merced and Chowchilla housing inventory in most price ranges is near a record low.

For example currently in Concord there are approximately 399 homes for sale. This is in all price ranges.

In Merced currently there are approximately 250 homes for sale. Of these homes approximately 150 are listed under $150,000.

Offers are coming in quickly on these homes. It’s providing limited choices for buyers but those that are prepared to act promptly are finding some great priced homes and living the American dream.

Before in the Central Valley many of the homes would sell for cash keeping first time home buyers at bay. Now many banks are promoting home ownership over investments by reviewing owner occupied offers only for a set amount of time before taking investment offers. This allows home buyers that are approved for financing the first opportunity to purchase the home.

If you’re considering purchasing your first home please make sure you have discussed all options with a lender and that you have your pre-approval letter in hand. When you make an offer on a home the pre-approval letter along with deposit money (shows earnest/intent of purchasing home), purchase agreement and various disclosures are required. Sometimes in the case of REO homes (bank owned) they may require a buyer to be pre-approved through their own bank. In these cases your agent will provide the name and phone number to call for pre-approval. You won’t have to use the bank that provides this pre-approval. As a borrower you can select anyone to provide the financing. However sometimes the banks will provide additional incentives such as covering the cost of appraisal and/or a certain percentage of the buyer closing costs.

Remember everything is negotiable. Some banks won’t pay anything toward closing costs and further will insist that the property is to be ‘as-is’. Buyers may still ask for what will help but be prepared that at times the banks won’t give in at all. There reasoning maybe that they are already taking a huge loss. We set emotions aside in these cases for not many will feel sorry for the banks. The problem is that with low inventory levels often there are multiple offers on the property so the banks don’t have to bend.

So where are all the homes that the banks have taken back through foreclosure? We’ve been hearing for years that the banks will be releasing more homes but often these homes are either in legal limbo or the banks still have them off the market. There are many economic factors for banks, buyers, sellers to consider in today’s market before listing or buying a home.

We are here to help buyers and sellers navigate, negotiate and reach their goals. We provide our clients with representation throughout the process. Review our home finding and listing services and let us know how we can help you today.

Scott Messing

Century 21 M&M and Associates

209-769-4028

Lic #018883959

Doug Van Riper

Century 21 Diablo Valley Realty

925-787-6571

Lic #01883875