As we near the end of the selling season here in Alameda it would normally be a time of slowing down. However we went through most of the season with a low inventory of homes on the market. Many desirable homes had multiple offers. There are those that are still languishing on the market. The only remedy for these are price reductions. Anything will sell at the right price. There are certainly those who feel their property should be valued differently than how the market values it. The fact of the matter is those homes that have not sold have not established a value yet. Our market does not have a large percentage of short sales or foreclosures right now. Currently out of 92 acitve homes on the market 17 are possible short sales and 7 are foreclosures. That calculates to 17% of the homes are possible short sales and 8% are foreclosures. Most people understand what a foreclosure is. A short sale is where the homeowner is trying to get the lender to accept a sale for less than what is owed. Currently we still have homes coming on the market and on my most recent brokers tour I would have to say 3 very desirable ones. We will find out soon enough how desirable.
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