Weekly Real Estate Market Watch August 7-14, 2012

It gives me great pleasure today to say that Hollister in San Benito County is finally a traditional real estate market, opposed to the last few years of bank owned and short sale transactions.  32% of the active homes in San Benito are distressed properties such as: bank owned and short sales, leaving 68% normal home sellers. Over the last 3 months the distressed sales are barley selling 10% more than traditional sales.  The future relies on all the pending home sales, which has caused a great discrepancy with home values.

When you enter the Holister home buying market, be prepared for the appraisal issues.  For example, a short sale went into contract a few months ago at $275,000, and the Hollister real estate has seen an increase in home value due to low inventory and high demand.  The short sales lenders typically take 30-90 days to give an approval, so the 3 months can cause an increase in home value and the home is worth more than the agreed upon purchase price.  Will the buyer come up with the difference or will the property fall through and a new buyer has to pay the higher value?

The moral of the story is to start the buying process now, as who knows what the real estate future might hold.  With rates at 2.9 with .5 points for 15 years, everyone should be looking at making a purchase.  If you are ready to make some money or need a price opinion on your property, give real estate agent Kristen Jurevich a call at (831) 635-6719 or visit facebook.com/HollisterRealtor

 

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