Looked at some more properties yesterday and drafting some offers. In terms of numbers right now in Vallejo (my home town), there are currently approx 700 listings, down from 1400 in December. The banks seem to be pricing alot of properties attractively, and there are still multiple offer situations occurring.
One of the properties I looked at yesterday is a 4/2.5 townhouse, 1700 sq ft, built in 2003. Were selling for $375K and currently listed at $114K. Rents are $1700 for such a house - beats the 1% rule!!!
Of course, there are alot more REOs in the pipleline, so it will be interesting to see what happens with the future batch brewing. Some of the new programs/stimulus package incentives may cause a slow down.
First time homebuyer credits ($8k Federal and $10K State) are likely to influence some buyers who have been waiting on the sidelines (have spoken with several in the past few days).
Additionally the federal incentives being offered to loan companies to modify loans, changes in the bankruptcy rules that allow a judge to change loan balances etc., may all work towards a pattern of stabilization.
Getting ready for REO Bus tour next Saturday 21st March - have 3 rent to own tenants coming along in the hopes of getting them matched up with an investor to create a win/win situation.
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