San Dimas Real Estate Market Watch - September 2-7 2011

San Dimas Real Estate Market Watch - September 2-7 2011

Market Watch

New Listing (10)
Price Change (5)
Back On Market (4)
Backup Offer (0)
Expired (5)
Pending (4)
Sold (4)

Okay, so better late than never - here is this week's SAN DIMAS MARKET WATCH.  Not bad for a holiday week!


Ten new listings means that people are gaining confidence in the SAN DIMAS REAL ESTATE MARKET.  And it seems to me to be picking up as well.  And four have actually made it through the sale process and become closed sale.  This is also good news, especially for a holiday weekend.


 Pending homes mean four homes are now in escrow and on their way to becoming closed sales.  There are also five expired listings which means that the home did not sell in the time allotted by the seller.  This could also mean that the house did not get approved for short sale and the bank is moving to foreclose.  There could be many reasons for an expired listing.



And four more are what's called "back on the market."  Let me explain this to you.  I believe that homes are going back on the market due to the short sale process and the time it is taking for bank's to finally get around to making a decision.  It can take anywhere from 30 days to 120 days to get an approval from the bank to go ahead with a short sale.  Now, let me say that this is a definite improvement from the "early days" of this real estate slump.  In those days (Ya, like it was 50 yrs ago, right?!!?) some short sales were taking up to a year and sometimes even longer to go through. So, needless to say, if you are a buyer and your offer is accepted by the seller (the homeowner) this does not mean that the sale will necessarily go through.  This means that the offer is submitted to the bank for an approval.  The bank may take up to four months (yes still) to give approval or denial.  So instead of wasting time waiting for a specific home, buyers are putting in multiple offers.  If one home gets approval first, the buyer then backs out of other offers and therefore the property goes "back on the market". Of course, there are other causes, like loans that were denied, etc., but the main cause right now seems to be those crazy short sales.
  
And only five price changes, we are definitely improving in this arena!  This si exciting to me as I have been harping commenting on this for weeks now.


And, as always, if you have real estate questions or need to buy or sell a home, please feel free to call me, a local expert.  I will be honored to assist you.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
(909) 670-2711 Direct
LindaKMayer@live.com
Linda's Website