I regularly study the market sales information and analyze market time, sales price versus asking and any other details that may help me in future transactions. Between April 2009 and June 26, 2009, 31 houses sold in Rancho Penasquitos 92129 area; single family homes, 2 to 4 bedrooms, 2 to 3 baths and from 1279 sq. ft to 2,772. Sales price ranged from a low of $380,000 to $548,000. Of the 31 houses 8 were bank owned properties and 2 were short sales ( sales in which the bank is asked to take less then what is owed).
Market times range from 3 days to 121. The property with the longest market time was not a short sale or bank owned home. Usually those sales take around 2-3 months and sometimes longer. But according to this batch of data that was not the case.
Of the eight bank owned ( REO, foreclosure) homes the difference between asking and sales price ranged from a high of $52,715 above asking price – must of been an interesting multiple offer bidding war story there, and a low of $4,500 below asking price. Exactly half or four of the eight homes sold above asking price. We’re talking pretty big numbers, $11,000, $16,000, $18,100 and a whopping $52,715. Most buyers assume that bank owned, foreclosure homes sale at way below market price and that banks are willing to take anything because they are desparate. Here is the inside story to that urban myth.
The other half of he batch sold for below asking price. Ranging from a low of $4,500 to $20,000 below asking.
Average market time for the 21 houses that were regular owner sales is 13.23 days!! I tossed the one property that had 121 days on the market.
For more details on my analysis or any Real Estate questions like, How much is my home worth? or What should I do to get my house sold before I put it on the market, or Can you help me find my dream home…. You get the idea contact me at
Thanks
Janet McCarthy
858-243-5719
