Weekly Market Watch: August 16-23, 2011

San Benito County Market Watch August 16-23, 2011

Lots of beautiful homes in San Benito went on the market over the week, and a buyer can take advantage of the under 4.5% interest rates!  Six homes for sale were above $400,000 with a mix of short sales, bank owned (REO), and regular sales.  A good discovery I found out today was that the government is going to be keeping interest rates low for the next year and a half from John at Western Bancorp.  He also informed Intero that Fannie and Freedie may be eliminating properties to spike the real estate market prices.

Many of the price reductions over the last week were short sales, so agents are actively reducing the price to get an offer.  Sellers are doing more short sales with the new State Bills from 2011 that prohibit lenders from seeking further funds after a short sale approval.  The only problem this creates: Will the Second Lien holder approve a short sale and relieve limited funds, when the home can foreclose and come after for a deficiency.  Ask Kristen to help find the best foreclosure alternative for you at 831-635-6719

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