In 2008, prices have come down so much that REO's hitting the market at these low prices receive as many as 10-15 offers on them within days.
On one Northern Livermore house, a 35 year old fixer at 1300 sq. ft., priced at $334K .... there were 10 offers within a week. Of course it took the bank over 14 business days to respond, leaving potential buyers scratching their heads while waiting.
On another house, this one in the Dublin Ranch area .... priced way under current market value at $925K for over 5000 sq. ft., for a 2 year old home ... there were 15 offers within 4 days. The house will sell for $1.1M.
Home sales have picked up tremendously over the past 60 days ..... though the low prices on REO's is the main ( and probably only ) reason.
Thanks for reading,
The Tom Lyons Real Estate Team
Serving Livermore, Dublin, San Ramon, Pleasanton, Danville Ca.
925-216-1105
Tom
You are right. Sales are up here in Detroit but the average sale price is way down, so we have a way to go before we see any real improvement in the market