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Where To Find The Most Motivated Sellers In Solano-Contra Costa
September 15th, 2008 categories: Foreclosures / Short Sales
If you’re a home buyer looking for a deal and want to know where to find the most bank-owned or distressed properties, my advice? Go East.
It should come as no surprise, but according to the latest figures I downloaded off the two MLS systems that cover our market area, areas like Antioch, Pittsburg, Brentwood, Oakley, Fairfield, and Vallejo are where you’re going to find the lion’s share of properties with the most highly motivated sellers.
That those communities head the list should come as no surprise. But just how many foreclosed or other distress-sale listings are now on the market in these communities may nevertheless surprise you.
Click Here For The Full Report
The two cities with the most foreclosures are Vallejo and Antioch. Between them, there are 996 bank-owned listings – which represents 42% of the TOTAL bank-owned listings throughout the 19 cities that make up our market area.
By comparison, the fewest bank-owned listings in Solano County is Benicia, with 30 (out of 142 active listings). And in central/eastern Contra Costa County, areas like Alamo, Lamorinda, Danville and Clayton have almost no appreciable distressed-sale activity at all.
Of all the cities in our market area, nearby Vallejo has the most. Right now, 51% of its 1,056 active listings (543 homes) are bank-owned (or “REOs”, as they’re known in real estate circles). And another 31% (324 homes) are being sold as “short sales” (that’s where the owner owes more than the home is worth and hopes to sell it at its current market value and convince their lender to reduce the loan payoff amount in order to facilitate the sale and avoid foreclosure).
Right behind Vallejo is Antioch, where out of 927 active listings, a whopping 453 (49%) are REOs and another 343 (37%) are short sales. In Antioch, only 131 homes are being sold in a traditional fair-market, willing-buyer/willing-seller type of selling environment. An unbelievable 86 percent of the homes now on the market in Antioch are distress-type sales. Vallejo’s totals are just about the same: Of its 1,056 homes now on the market, 82% are distress sales.
The picture is almost identical in neighboring Pittsburg, where 293 of 582 active listings (50%) are REOs and another 205 (35%) are short sales. Just like Antioch, 86% of the homes now on the market in Pittsburg are REOs or short sales.
Including Vallejo, Antioch and Pittsburg nine of the 19 communities have more distressed properties on the market than fair-market-value listings. They include (ranked by the percentage of their listings which are distressed sales): Suisun City (80%), Oakley (77%), Fairfield (74%), Brentwood (72%), Concord (66%) and Vacaville (56%).
At the opposite end of the spectrum, in Alamo there are no REOs and only 2 short sales, out of 147 total listings. Similarly, Orinda has three REOs and two short sales (out of 79 listings), Lafayette has 2 & 5 (106 listings) and Moraga has 2 & 2 out of 39 listings.
I prepared a spreadsheet which details these numbers. If you’re interested in more specific information and aren’t already working with another agent, please let me know and I’ll be happy to perform a customized search based on your needs and market area interests.
