Okay, so I wrote a comment before on the lack of current foreclosures being released into the market. A gentleman from Texas asked if I have any proof. Here you go:
In the zip code 91739 which is Rancho Cucamonga, CA, there are 641 foreclosed homes from July. Not one of those homes is currently on the market, I checked. (Stats from our Realist Tax in the MLS.)
Why is this happening you ask? Well the short answer is that no one can know for sure. There are speculations as to why, starting with the $8,000 tax credit for 1st time homebuyers... and time will tell with this one. The speculation is that the government is quickly running out of money for all of these programs and that's part of the
reason. If all the thousands of foreclosed homes go on the market around Dec 1st or after, that will definitely be a tell-all. But, again, nobody knows for sure.
What does that mean to me, the homebuyer, you ask? Patience is a virtue at this point. Most homes currently on the market have between 20-30 offers on them, and the chances of you being the top offer is slim to
none. I had a client who lost a home listed at $160,000 which, after 54 offers, sold for $245,000 before the appraisal. Never would I suggest to a client that they offer so much over the asking price, that would not be upholding my duty to my client!
The good news is: those homes have to be sold at some point soon. So if you are looking, be a little patient. Your Realtor probably has a good handle on the current market. They are probably diligently keeping track of new homes that may fit what you want and relaying that information to you in a timely manner. If not, please don't hesitate to call me at (626) 824-8927 for help or to answer any questions!
Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.
Linda K. Mayer, Realtor, SRES
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell