Tracy, CA Real Estate News

By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Here is what I've seen happen....6 months ago -- House A a Bank Owned (REO) property was priced at $400,000.  It sat on the market for 6 months, and someone finally made an offer -- of $350,000.  The banks quickly within 48 hours accepted the offer.TODAY!  Sale house - sale value house- now instead of pricing house A at $400,000 -- the bank will price it under market -- so they price it at $350,000-- they have 10 - 25 offers within the first 48 hours -- the Accepted offer is WELL over asking -- close to $375,000-- $400,000 -- and the bank had zero holding days. It is taking almost a week to get an answer from the bank.So if you're wanting to buy an REO property - plan on a "Buyer's Market" frenzy.Will we start to see a slight rise in prices, probably --- REO's may start to push up the p...
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Oh my goodness -- if you are looking for a home in good condition, in a good neighborhood is getting harder and harder.  Agents in the Tracy and Mountain House area are now starting to put offers on ... hold on to your hats..... 'SHORT SALES".  WOW -- you heard it right, and you heard it here first.  While a short sale listing might have been the KISS of DEATH --agents are writing and buyers are buying Short Sales?WHY?  Why are Short Sales selling..... because the owners are taking care of these homes.  Grass isn't dead, the home is still in good condition, there is still love in the home.Now that buyers want to put offers on Short Sales, all we have to do is get the banks to work a bit faster and there really will be a shortage of inventory.
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Frustrations are mounting.  Where are people getting thier information?  How many times have I heard this week what the Tracy Real Estate market is like?  LOTS - Here's the problem, they are wrong.I'm working in this market, I see what is happening, and yet there are those who want to buy who are certain that they know that there is no problem getting a 2500 square foot house, that is less than 10 years old for only $200,000.  Why do they think this?  Auctions.... starting bid $179,000 for this house -- STARTING bid not RESERVE bid.So let me be the first to tell you..... homes that are Tier 1, great condition, priced well, in the $300,000 and less price range are selling within 5 days with multiple offers.  These homes are going OVER asking price.  How do I know this, because I've been ...
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
I'm hearing this far too often.  Many people are following along on the current trend. My home is worth so much less than I paid for it, why should I keep it.  My neighbors just bought for half of what I paid.  I don't want it anymore, not at the price I paid for it. Sounds like a great arguement, except for one small detail -- you signed a contract to pay the bank back for the money you borrowed.  So what are your options?1) You stay in the home, keep making your payments, and realize that eventually the market will improve, and you'll have equity again.  (This is a bitter pill for most of us to swallow, however it does make the most sense.  If you can make the payments, you still get an incredible tax advantage, that by walking away and renting for 3 - 7 years you lose those tax benef...
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Hold on to your hats -- because the number 1 way to help many clients in today's market is to Short Sale thier property.  In the Tracy and Mountain House CA numerous home owners need help NOW.I know -- it's a long drawn out process, I know it's a ton of extra work, I also know it is so rewarding.People who are behind on the mortgage payments are SCARED!  They really do not know where to turn or to who.  Hense -- you come in as the person who can answer thier questions, and give them HOPE.For most people who try to sell thier home as a short sale, they view the experience as doing the "honorable thing".  They don't want to just walk away and not honor thier commitment to the loan.How and Why they are in this position vary from person to person, but bottom line is these clients need our h...
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By John Glover
(John Glover, Broker)
Tracy Homes Listed For Sale - 921Tracy Homes in escrow since April 1, 2008 - 84Tracy Homes sold since April 1, 2008 - 25Tracy homes owned by banks - 1119Source: Metrolist Services, Inc. and RealtyTrac.comInventory levels for the week remain level while homes in escrow and homes sold show an increase. This is further evidence that buyers are coming out and making offers at current pricing levels. With FHA mortgage rates around 5 3/4%, now is a great time for long term buyers to get into a great home at the lowest prices in years.
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By John Glover
(John Glover, Broker)
Tracy Homes Listed For Sale - 918Tracy Homes in escrow since April 1, 2008 - 48Tracy Homes sold since April 1, 2008 - 12Tracy homes owned by banks - 1103Source: Metrolist Services, Inc. and RealtyTrac.comA significant increase in new escrows show more and more buyers are taking action to capitalize on current pricing levels. Many of these homes are bank owned properties and it remains to be seen how many of these escrows will close successfully.
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By Christina ONeal, Realtor - Ripon California
(At Home Real Estate Group)
Real Estate Price Trends The median single family home price as of April 06 2008 for TRACY is $412,839 The average property in TRACY as of April 06 2008 has been on the market for about 61 days. The median price per square foot for homes in TRACY as of April 06 2008 is about $190 There are about 1,141 properties on the market in TRACY as of April 06 2008. The real estate market in Tracy is changing rapidly.  At $190 avg sq ft price, 1,141 homes for sale & median price at $413k, things are progressing in a good direction.  Interest rates are still pretty low.62 HOMES SOLD LAST WEEK!!!!!!! ....notice the spike on the graphs :)Call me for your neighborhood specific statistics to help you in your own real estate evaluation of Tracy real estate at 209-321-6122, Christina O'Neal
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Word of WARNING -- this is purely my observation based on recent experiences.Buyers who are expecting to offer more than 5 - 10% less than asking are in for a rude awakening.  We are seeing multiple offers on most "tier 1" properties.  When a property comes on the market, and you love it, if it's priced well, then you better be certain that others are thinking the same thing.  "I want to buy this house,today."  What happens then?  The best offer wins.  Multiple offers, multiple people want the house and one person will get to purchase this great house.  Will it be you? Find a great local Realtor.  Most good Realtors will ask around to see what other real estate agents have coming up.  Frequently an agent will have a listing 3 - 10 days prior to the home being listedin the MLS.  Do yours...
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Home Buyers let me help you find the best house possible for you.  In order for me to HELP YOU find the best house you need to HELP ME.  How can you HELP ME, well, you need to talk to a lender, a direct lender or very qualified mortgage broker in my experience is BEST.  You need to be honest with the lender, they are there to HELP YOU too.  If you don't HELP them know your financial situation then they can't HELP you to get the best loan or the best house.  You can also HELP me HELP you by being honest.  Please don't tell me you want to move tomorrow when you mean 6 months.  If you want to move in 6 months that's great, I'm still going to HELP you discover what you're really looking for, we'll just take a longer route to get there.   So - Home Buyers - keep in mind that in order for me...
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By Christina ONeal, Realtor - Ripon California
(At Home Real Estate Group)
Real Estate Price Trends The median single family home price as of March 23 2008 for TRACY is $433,546Home Sales and Demand TrendsThe average property in TRACY as of March 23 2008 has been on the market for about 70 days.Price Per Square FootThe median price per square foot for homes in TRACY as of March 23 2008 is about $195 Homes for SaleThere are about 1,071 properties on the market in TRACY as of March 23 2008.The real estate market in Tracy is changing rapidly.  At $195 avg sq ft price, 1071 homes for sale & median price at $433k, things are progressing in a good direction.  Interest rates are still pretty low.43 HOMES SOLD LAST WEEK!!!!!!! ....notice the spike on the graphs :)Call me for your neighborhood specific statistics to help you in your own real estate evaluation of Tracy ...
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
One of the best things in the world - a buyer (or seller) who want to work with you.It's easier when it's someone you know- - but why would a stranger call a Tracy Agent - ME - and want my help in finding them a home?  It's an easy answer... they already know me.Nope we've never ever met - but they've been reading my blog on Active Rain.  New home buyers have read about how I work, what I believe, and they feel like they already know me.I've heard it over and over "you don't know me, but I feel like I already know you.  We aren't interviewing anyone else, we want you."  Yeha -- Tracy - Mountain House home buyers come on call me -- I'd love to help you find a perfect home, escpecially since you found me on Active Rain.
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Are you considering buying a home in Tracy or Mountain House, CA?  Do you know what is a good neighborhood and what isn't?  Do you know which homes in Mountain House have Home Owner Association Fees and which ones don't?  hmmmmm if you don't know the answer to these questions then it's really important to work with a REALTOR that does know the answer.Do you think a REALTOR that doesn't live, work or volunteer in the area will have the answers to your questions?  Probably not -- so why not use a local agent?Do you need to know which schools your children will attend, or at the least which are the better schools?  How about when does Little League or Soccer start?  Again, will an out of the area agent REALLY know the answer to those questions?Call a local Tracy or Mountain House Realtor ...
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
I heard that some banks are considering garnishment of wages for the short fall of an accepted short sale.  I'd love to hear if anyone else has heard this.What about taking back the RV; fancy Car, etc all bought with the refinanced money PRIOR to the short sale?Short Sales seem to have gotten the reputation of being an "easy way out" for sellers with SEVERE Buyer's remorse -- not hardship cases, but those who just don't want thier home anymore.   They just don't care, once they decide to do a short sale -- it's just a matter of time before the bank forecloses. What's the answer? 
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By Christina ONeal, Realtor - Ripon California
(At Home Real Estate Group)
Real Estate Price Trends The median single family home price as of March 09 2008 for TRACY is $444,292Home Sales and Demand TrendsThe average property in TRACY as of March 09 2008 has been on the market for about 75 days. Price Per Square FootThe median price per square foot for homes in TRACY as of March 09 2008 is about $197 Homes for SaleThere are about 1,038 properties on the market in TRACY as of March 09 2008. The real estate market in Tracy is changing rapidly.  At $197 avg sq ft price, 1038 homes for sale & median price at $444k, things are progressing in a good direction.  Interest rates are still pretty low.50 HOMES SOLD LAST WEEK!!!!!!! ....notice the spike on the graphs :)Call me for your neighborhood specific statistics to help you in your own real estate evaluation of Trac...
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
I'm on a roll -- to read the previous blog click here.  Which brings me to this blog....I don't want another job, but I'm wlling to set up shop and start a new company.  If someone beats me to it -- call me for California.  Mystery Shopping BANK REO properties.  What a perfect way to keep REO agents honest and working hard for thier client.  Spot checking condition, calling agents for access, verfing comps all of it.I spent many years as a Mystery Shopper for several LARGE fast food chains, and QUALITY control is what it's all about.  Why doesn't that apply to REO Listings? 
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Ok, I'll admit it I'm green eyed jealous.  I'd love to have a few REO accounts.  I don't want 1000's of listings, heck I don't even want 100 or 50.  I want 6 - 10 REO - Bank Owned listings that I can service well.I'm tired of calling every agent in town to get combination codes. (Our MLS prevents codes from being put in the MLS - hence the phone calls!) I'm really tired of REO agents who tell prospective clients "Here's the code, let yourself in, if you want to write a contract call me." I KNOW I can and WOULD do a better job than that for my client -- even if that client is a BANK.Which now brings up another question - why is it that there are many agents - not all - who take these REO listings and don't treat the client - the bank with respect.  They don't do everything necessary to ...
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
Some where, some time, some how, some one should have warned me.  There is a LOT of paperwork involved in selling a home.  I've spent ALL day doing paper work, sure an assistant would help, but I'll have to find the person to train.  (I know there are vitual assistants -- but oh my to find the time to talk to them. Plus I need to talk face to face with someone.)The thing is - I really would rather be out with showing first time buyers homes to buy than sitting in an office printing, copying, putting files together, which is why I had to spend all day today catching up.  I can't even talk on the phone intelligently when I'm trying to put papers together.ok I just had to vent....... off to blog about something FUN! :-)
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
 WOW _- check out these numbersThere are 808 homes on the market -- that's way down from over 1000!  The best news of all is that there are 203 homes in escrow!  WOW!There are 111 homes in escrow in Tracy that are less than $330,000!  Amazing.If you've been waiting for the market to hit bottom, and you want a home less than $350,00 the clock is ticking rapidly.Call your local Realtor TODAY and start the process, you may have to bid on several homes before you get an accepted offer.  If you're not currently working with a REALTOR call me for specialized service.   
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By Susan Goulding, Northern CA - Tracy & Mountain House Real Estate
(Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management)
I'm sure some of you are screaming  Real Estate is NOT a game.  Isn't it?  Oh it's serious, and we are dealing with our clients largest asset, but isn't it about Beating the Market?  Don't we want to FIND the best home for our clients and BEAT everyone else to it?  Don't we want to sell our listings for TOP dollar and entice everyone to buy them?  Sure we do.Enter Honor the Game.  I've spent the last 12 years leaving a legacy of Honor the Game to Tracy Little League.  As President, then District Administrator this was my mantra.  HONOR THE GAME.  I often said if you don't know what that means -- ASK ME.It seems to me that as people's livelihoods were challengededdue to a shifting market so went their integrity.  There are far too many "agents" who have sacrificed honor and integrity for...
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