Real Estate Blog - Tracy, Ca

Nationwide media is catching on as Time Magazine Says "now is the time to buy!!!"

2008-05-15T10:17:00.001-07:00

And the media is always 6 months late with the market trends......... Posted this week in Time...

Postcard: Elk Grove

Thursday, May. 01, 2008 By KRISTINA DELL:

Over the past six months, investors and first-time home buyers have moved in, snapping up homes now priced at less than $250,000......The last residence we see on our tour is a 2,067-sq.-ft. (192 sq m) A-frame with four bedrooms and three baths for $282,000, down from $510,000 in February 2006. By the time we get back to the agent's office, it has 12 offers.

Click here to Read the full article on http://www.time.com/

http://www.time.com/time/magazine/article/0,9171,1736710,00.html.

OPINIONS ON THE MARKET......

The Housing Crisis Is Over(WSJ.com)

VS....

The Housing Crisis is NOT Over (SeekingAlpha.com)

What is your opinion????????????

Train Station Comming soon.....

2008-05-09T12:26:00.000-07:00

FUTURE TRAIN STATION HUB:

Quoted from the Tracypress.com:

The 6,800-square-foot hub is slated to open as early as summer 2009, according to the city, which has two more years and $12 million available in state grants and transportation tax money to build the terminal. Already, the city has spent several million dollars on consultants, soil tests, design and acquiring the actual land.

When built, the station would face Sixth Street, and a clock tower facing Central Avenue would serve as a main entrance. The buildings would include a bus lobby and conference rooms, according to city staff reports. More than 18,000 square feet of parking lots, bus loading zones and landscaping would surround the terminal.

Honestly I want to one day have my real estate office in one of those buildings on central or 10th street in downtown. Its going to be nice one day. We are always adding to the landscape which is Downtown....

Brian Barringer

brian@tracyhomes.com

The foreclosure clean-up. Interesting Insights.......

2008-05-05T15:01:00.000-07:00

In The WORKS.....

$7,000 tax credit for those who purchase — and plan to live in — foreclosed homes.

$25 billion in tax relief over three years for banks and home builders.

$4 billion in grants for communities to buy and fix up abandoned homes.

from the wsj.com

The $7,000 tax credit is an incentive for the market to respond. It will inspire qualified buyers to get off the sidelines and enter the market. It will allow us to replace loan defaults with good mortgages, helping to stabilize housing prices for all homeowners. The tax credit for homebuyers worked in 1975 and it will work again today.

Sen. Johnny Isakson (R., Ga.)
Washington

The Senate, by a 82-12 vote last week, approved $15 billion Foreclosure Prevention Act of 2008 that recently passed the Senate. Once approved by Congress and the President you will be able to take a $7,000 tax credit with the purchase of EACH foreclosure property acquire.

Here is a link to a great Q&A format article regarding what the goverment is currently working on. AP Associated Press:

Questions, Answers About Housing Crisis

By TOM RAUM – Apr 12, 2008

WASHINGTON (AP) — The Bush administration, Congress and the Federal Reserve are moving on separate tracks to calm troubled housing and financial markets and to help distressed borrowers. The three presidential candidates have weighed in, too.

Some questions and answers on the crisis, what has been done so far and the additional help that may be on the way.

Q: How did things get so bad?

A: Tumbling house prices have left many borrowers owing more on their homes than the homes are worth. With little or no home equity, these borrowers cannot refinance. That means higher payments for people with adjustable-rate mortgages. Among those who are facing foreclosure or who have lost their homes are many borrowers who had questionable credit histories and who obtained risky subprime loans.

Rising defaults have contributed to a credit squeeze that has spread throughout the financial system. That has made it harder on first-time home buyers and people seeking to refinance. It also has affected a range of financial transactions from business borrowing to student loans.

Q. What is the government doing to help? READ ON.......

Interesting Insights From NuWireInvestor.com.......

The $7,000 credit makes foreclosures more affordable as long as investors are willing to use the home as a principal residence for two years. Once those two years are up, investors could sell or rent the property for a profit. The other positive effect that this credit could potentially have is on the market itself. Foreclosures drag down the values of other homes in the vicinity, but with this incentive in place, it is likely that more buyers will purchase foreclosed properties. This, in turn, could raise the values of other homes in the area. Investors with existing real estate investments in areas devalued by foreclosures could stand to benefit as a result. READ THE FULL ARTICLE....

Brian Barringer

brian@tracyhomes.com

Tracy Real Estate Market Report for May 2ed 2008

2008-05-02T16:12:00.000-07:00

The following info is from the local MLS database, as of May 2nd 2008 as compared to April 4th 2008. If you are interested in a little more market information feel free to give me a call, We are always happy to talk about the market. Just either give us an E-mail at tiger@bpbarringer.com or a call at 209-833-7777 or toll Free @ 1-800-894-7282 We look forward to being of service.

ACTIVE Status:

Total # of Residential properties for sale in the city of Tracy: 809
854

# of REO (foreclosures): 319
328

# of Short Sales: 332
346

Average # of days on market: 87
87

The Median price of all Homes for sale in Tracy: $305,000

The Average price of all Homes for sale in Tracy:
$348,734

Lowest priced home: 1bd/1.ba/502 sq.ft/$100,000
Highest priced home: 7bd/6ba/5000 sq.ft/$1,949,900

Pending Status

# of properties currently under agreement: 334
299

# of REO: 269
225

# of Short Sales: 46
45

Average pending price: $312,102
$322,227

Avr. pending home is 4bd, 3ba, 2089 sq.ft at a price $322,102 and 61 days on the market.

SOLD Status:

Residential property sold over previous 30 days:

112 homes or 35,913,463 in sales
69 homes or $23,666,252 in sales

REO's Sold in last month: 93
54

Average sale price: $320,178
$342,310

Median sale price: $327,444
$350,557

High: 629K (5/5bd 3782 sq.ft home).
Low: 140K (810 sq.ft home)

Summary:

We are now deep into our foreclosure market. The banks have caved on there prices and are now successfully moving there inventory. One trend we are seeing is the banks are giving concessions to buyers as much as 6% of the purchase price, 3% toward closing costs and 3% toward buyers down payment. That makes it possible for a first time buyer to buy a home with a 97% loan. Also one thing we always do for our buyers is negotiate the bank paying all title fees. This is because the banks want to choose there own overpriced title company in a different state. Now a days the banks are making it so that you can buy a foreclosure with no money out of your pocket.

Another change in the market is the amount of offers received on each property. This is because of the simple fact that the pool of buyers in Tracy has increased two fold. There seems to be 3+ offers on each Xtreme home and they are usually getting bid up, so we think the days of making and getting a low-ball offer excepted are over for now.

One reason is because most of the overpriced REO's are at that price because they are not willing to sell at market value price. They want to spend a few months fishing for that imaginary buyer that is willing to pay over appraisal, is that smart? Just like regular sellers there are some people who are wishing and hoping. In this case they are hoping to IMPRESS there BOSS at the fact that they can get a higher price than the market allows. Well just as in a regular market this will not happen. Buyers from the web have the entire market at there finger tips so there is no way of fooling them. MARKET VALUE IS MARKET VALUE!

We are seeing a lot of buyer activity due to the low prices. Personally our office has been bustling with business.

Our Sold inventory over the last month increased 2X, from 69 homes to 120. Our pending inventory is also been holding steady at around 300 homes per month. So whether you are Buying or selling get the pros on your side and contact the Barringer Team.

E-mail us tiger@bpbarringer.com or you can call us @ our toll Free # 1-800-894-7282

Rates are down again.30yr fixed @ 5.87%

2008-03-25T18:43:00.000-07:00

The principal and interest payment on a $250,000 loan has dropped by $88.99 per month since September 28th on the 30 yr fixed. CLICK ON THE GRAFT TO SEE THE FULL VIEW:

LONG-TERM MORTGAGE RATES PLUMMET

The principal and interest payment on a $250,000 loan has dropped by $88.99 per
month since September 28th on the 30 yr fixed.

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.87 percent with an average 0.5 point for the week ending March 20, 2008, down from ast week when it averaged 6.13 percent. Last year at this time, the 30-year FRM averaged 6.16 percent.

The 15-year FRM this week averaged 5.27 percent with an average 0.5 point, down from last week when it averaged 5.60 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.56 percent this week, with an average 0.9 point, down from last week when it averaged 5.58 percent. A year ago, the 5-year ARM averaged 5.91 percent.

One-year Treasury-indexed ARMs averaged 5.15 percent this week with an average 0.8 point,
up from last week when it was 5.14 percent. At this time last year, the 1-year ARM averaged 5.40 percent (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

"Mortgage rates fell this week as various actions were taken to improve market liquidity," said Frank Nothaft, Freddie Mac vice president and chief economist. "In addition, the inflation report from the Consumer Price Index (CPI) reflected weaker price increases than consensus expectations. Unchanged in February both including and excluding food and energy costs, it is the first time the core CPI did not report a monthly increase since November 2006.

"Meanwhile, retail sales fell by 0.6 percent in February, contrary to the consensus forecast of a 0.2 percent increase, signaling that the condition of the economy might be weaker than previously thought. Slowing consumer spending and weak employment conditions are among the concerns behind the Fed's decision to lower the target federal funds rate by 0.75 percentage points in the most recent Federal Open Market Committee meeting."

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters

Scott Schumacher
Century 21 Mortgage

Brian Barringer

209.613.8945

Byron Hotsprings revisited......

2008-03-19T23:38:00.000-07:00

I got another email.... This is amazing, more detail into life at the hotsprings during the 1970s.....

I was browsing the Internet for images of the Byron Hot Springs in the
1970's. I used to live out there and knew John, Dixie and their little
girl Love. We lived in what was once the hospital, a sink in the corner of
the bedrooms and a wonderful enclosed front porch that we slept on in the
summer. I loved that place. We all seemed to be in the right place
at the right time back then. It was communal living at it's best. I
did make a trip there in the late 1990's and was so sad to see just about
everything gone. But the history, whether good or bad should be
preserved. All of us who were lucky enough to live there, raise our
animals and learn more about ourselves will forever remember the
Springs.
Read up first......

Camp Tracy

History of the Byron Hotsprings

Pictures I took of the Byron Hotsprings Hotel on 4/29/06

Future of Byron Hotsprings

More pictures & reading on Byron Hotsprings Hotel..................

An amazing email......The Hotsprings in the 70s

More details to follow regarding the email.....

Brian Barringer

brian@tracyhomes.com

Weston Ranch(South West Stockton) Market Report for Friday March 14th 2008

2008-03-14T13:14:00.000-07:00

The following information is from the local MLS database, as of March 14th as compared to February 14th 2008.

ACTIVE Status:
Total # of Residential properties for sale in Weston Ranch: 346 337
Average # of days on market: 79 82
The Median price of all Homes for sale: $236,000 $249,000
The Average price of all Homes for sale:$250,698 $267,919

lowest priced home: 3bd/2ba/1,023 sq. ft /$100,900
Highest priced home: 6bd/4ba/3,376/$519,800

PENDING Status:
Number of properties currently under agreement: 90 60
Average pending price: $222,845 $236,562
Avr. pending home is 4bd, 3ba, 1908 sq. ft at a price $222,000 and 36 days on the market.

SOLD Status:
Residential property sold over previous 30 days:22 units or 4,963,900 16 units or $3,586,000 in sales volume.
Average sale price:$225,825 $218,100
Median sale price:$212,100 $213,098

High: $270,000 (4bd/3ba 2300 sq. ft home).
Low: $259,000 (2bd/2ba 1372 sq. ft home)

Summary: Prices still going down but sales arepicking up. This is a REO Market at its strongest.

_________

Weston Ranch(South West Stockton) Market Report for February 14th 2008 (not previously archived in the blog):

The following information is from the local MLS database, as of February 14th as compared to January 11, 2008.

ACTIVE Status:
Total # of Residential properties for sale in Weston Ranch: 337 331
Average # of days on market: 82 86
The Median price of all Homes for sale: $249,000 $275,000
The Average price of all Homes for sale:$267,698 $283,431

Lowest priced home: 3bd/2ba/1,023 sq. ft /$179,900
Highest priced home: 6bd/4ba/3,376/$519,800

PENDING Status:
Number of properties currently under agreement: 60 43
Average pending price: $236,845 $243,562
Avr. pending home is 4bd, 3ba, 1908 sq. ft at a price $239,000 and 36 days on the market.

SOLD Status:
Residential property sold over previous 30 days:16 units or 3,586,848 10 units or $2,401,000 in sales volume.
Average sale price:$218,825 $240,100
Median sale price:$213,100 $219,098

High: $270,000 (4bd/3ba 2300 sq. ft home).
Low: $259,000 (2bd/2ba 1372 sq. ft home)

Summary: Weston Ranch is still a little sluggish. But there is a big overall increase in activity.

The Weston Ranch Market went up Faster than all of the surrounding markets in the past 4 years. This is why the prices there are going down faster than the surrounding markets at present { surrounding Markets} Tracy, Lathrop, Manteca, Modesto, ect... If you are wanting to sell in this Market you have to compete with Bank owned homes as well as short sales. If you are a Buyer it is the BEST time in years to buy all things are in your favor Low interest rates and a huge amount of inventory to choose from. Which ever you are call the local EXPERTS to show you the way. The BARRINGER TEAM 1-800-894-7282

Real Estate Market Report For Lathrop, Ca: Friday, March 14th 2008

2008-03-14T13:05:00.000-07:00

Real Estate Market Report For Lathrop, Ca: Friday, March 14th 2008

The following information is from the local MLS database, as of March 14th 2008, as compared to February 14, 2008

ACTIVE Status:
Total # of Residential properties for sale: 275 270
Average # of days on market: 90 97
The Median price of all Homes for sale: $299,000 $328,000
The Average price of all Homes for sale: $320,000 $344,063

Lowest priced home: 2bd/2ba/923 sq. ft /$140,000
Highest priced home: 6bd/5ba/3,900 sq. ft/ $1,600,000

Pending Status:
# of properties currently under agreement: 70 40
Average pending price: $317,000 $313,562
Avr. pending home is 4bd, 3ba, 2400 sq. ft at a price and 68 days on the market.

SOLD Status (for previous 30 days):
Residential property sold over previous 30 days: 10 units or $3,104,990 11 units or $3,468,900 in sales volume.
Average sale price: $331,000 $315,100

High: $474,000(5bd/4ba 3300 sq. ft home).
Low: $239,000 (3bd/2ba 1672 sq. ft home)

Summery: Foreclosures are being priced right and picked up by buyers taking advantage of the low prices.

_________________

Real Estate Market Report For Lathrop, Ca: Valentines Day (2/14/2008) (Previous Month not archived yet in blog but on other website): The following information is from the local MLS database, as of February 14 as compared to January 11, 2008.

ACTIVE Status:
Total # of Residential properties for sale: 270 263
Average # of days on market: 97 94
The Median price of all Homes for sale: $328,000 $340,000
The Average price of all Homes for sale: $344,000 $261,063

Lowest priced home: 2bd/2ba/923 sq. ft /$154,000
Highest priced home: 6bd/5ba/3,900 sq. ft/ $650,800

PENDING Status:
Number of properties currently under agreement: 40 21
Average pending price: $313,000 $381,562
Avr. pending home is 4bd, 3ba, 2200 sq. ft at a price and 79 days on the market.

SOLD Status (for previous 30 days):
Residential property sold over previous 30 days: 11 units or $3,468,990 6 units or $1,878,900 in sales volume.
Average sale price: $315,000 $318,100
High: $$479,000(6bd/4ba 3400 sq. ft home).
Low: $147,000 (3bd/2ba 1172 sq. ft home)

Summery: Its like a light bulb came on. The market activity for sold homes has gone up by 2X. Values are still decreasing but inventory is moving. The market is beginning to stabilize. There are still at least 4 or 5 builders still competing for buyers in this small boom town of 10,000 people. Its hard to tell what all of the builders out there are doing because some post there sales to the MLS, some don't. I am guessing that the builders do have more sales then what is represented. The majority of all homes pending and sold are Bank owned properties. These sellers are the only ones who can compete on the same cooperate level some builders such as KB and Pulte . If you are a seller you have to Compete with these big boys. If you are a Buyer it is the Best time in years to buy. Interest rates are at a all time low and there is a ton of inventory to choose from. Which ever one you are call the Local EXPERTS to Show you the way. We also can negotiate with the new home builders for you. So call us or e mail us and we will bring you to the new homes and represent you. The builder pays us but we act as your BUYERS AGENT! Call or e mail 1-800-894-7282 or e mail us at Tiger@bpbarringer.com

Contractor's Delight....

2008-03-10T21:40:00.000-07:00

Here are some serious investments in Stockton. All of these investment properties need serious work and also require a good amount of cash down. I picked them because they are the most cheap. If you are in the construction industry or handy and have some cash to invest then this is the way to go.... Click on this link to see the full details on all properties....... Email or call me if you would like further information, I am a buyers agent...

Brian Barringer
209.613.8945
brian@tracyhomes.com

1) 133 W Magnolia St, Stockton, CA 95202
4-PLEX
MLS Marketing Remark:Perfect for contractor-submit your as is offer. (seriously just the way it is.)
Listing Price: $159,900

2) 424-430 N Stanislaus St Stockton, CA 95202

4-PLEX

Marketing Remark: Bank-owned foreclosure. Calling all investors & contractors...SUPER-FIXER FOURPLEX or perhaps a TEAR-DOWN! Not for the faint at heart. Numerous City code violations & civil penalties. Sold AS-IS. Listing Price: $159,900

reader comment: Is that a dead body in mow strip?
me: maybe. thats the bank for you, they dont move the bodies just work around them.....

3)914 N San Joaquin St Stockton, CA 95202
4-PLEX
Marketing Remark: Huge Price Reduction!!! come to check it out. REO. Investor Dream.Great Location. Bring your offer for this fixer upper, it could be once again a nice fourplex for good cash flow. sqft unkown, don't know of any code violation from the city but you can find from the city. Sold As Is. Listing Price: $175,000

4)117 W Flora St Stockton, CA 95202
4-PLEX
Marketing Remark: This property needs some TLC! Listing Price: $175,000

There are a bunch more good ones here...........

Brian Barringer
800.894.7282
brian@tracyhomes.com

Tracy, ca Real Estate Market Report for March 3ed 2008

2008-03-03T14:53:00.000-08:00

The following info is from the local MLS database, as of March 3th 2008, as compared to January 31st 2008 . If you are interested in a little more market information feel free to give me a call, I am always happy to talk about the market.

ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 883 902

# of REO (foreclosures): 328 328
# of Short Sales: 251 221

Average # of days on market: 89 88
The Median price of all Homes for sale in Tracy: $349,900 $369,975
The Average price of all Homes for sale in Tracy: $375,854 $398,734

Lowest priced home: 1bd/1.00ba/502 sq.ft/$120,000
Highest priced home: 7bd/6ba/6500 sq.ft/$1,699,000

PENDING Status:
Number of properties currently under agreement: 171 111
# of REO: 122 76
# of Short Sales: 14 12
Average pending price: $335,102 $386,227

Avr. pending home is 4bd, 3ba, 2089 sq.ft at a price $329,450 and 49 days on the market.

SOLD Status:
Residential property sold over previous 30 days: 42 homes or 14,413,463 in sales; 46 homes or $16,666,252 in sales.

REO's Sold in last month: 34 33

Average sale price: $343,178 $362,310

Median sale price: $350,000 $356,557

High: 599K (5/5bd 3882 sq.ft home).
Low: 150K (440 sq.ft home)

Summary: What is obvious is that the REO's rule the market. There are 171 pending homes in Tracy and 122 of them are REO. What we are seeing here is a true foreclosure market. Its a market where the banks have no bottom line and regular sellers can not compete. Additionally it appears banks have found a price range where the buyers feel comfortable buying.

What it looks like from my prospective is in the last year the banks have been slowly testing the waters as they went lower and lower in price and now we have seemed to come to some sort of agreement between buyers and sellers on fair market for a home. Banks are putting prices slightly below market value and getting muli-offer situations. Its like buyers have been waiting for a good deal and the banks have caved to the market.

Right now we are going through a housing transition. What I mean is a lot of investment property as well as first time buyer homes have went into foreclosure and all will eventually be bought by either a smart investor or first time buyer. Its a great time to be in the business.

For a free consultation on how to buy a foreclosure right in this market give us a call or email.....

From the desk of Alex Alverez (National City Mortgage Banker) regarding interest rates:

Don't miss the boat. Mortgage bankers are always struggling with the mis conceptions of the media with respect to the mortgage rates. Bottom line is that the Federal government does NOT control our mortgage rates. When the Federal Reserve drops their rates they are dropping rates that they charge banks. Banks in turn drop their "prime" rate which immediately helps customers that have lines of credit, some credit card holders and business lines of credit and loans. The regular residential loans however drop, or increase, in reaction to what the Federal Reserve did. As of late there has been much volatility in our mortgage markets. My staff and I have found ourselves telling borrowers that rates are pushing UP while the media is telling them the rates are coming down.

Here is a scenario:

Three weeks ago a borrower was looking at a $300,000 loan at 5.375% P&I would be $1681.67. They really needed to bid up the price and take a loan of $330,000 to get the home they wanted. P&I would be $1821.67. They waited.

If they were to find that home today at the price they wanted they would get their $300,000 loan. Rates have moved up though. $300,000 at 6.375% is now $1873.06.

This means if they would have purchased that house 3 weeks ago and received a $330,000 loan they would have been better off than waiting! This is how the rates can come into play.

Now I believe rates will ease again. Not sure if they will reach the levels we had three weeks ago but the bottom line is this. We have great homes prices, we have low rates. The combination of the two is creating extraordinary opportunities for homebuyers. Beware though, if you wait for the perfect storm (low interest rates and low purchase prices) the boat will be history!! Get on that boat before the storm hits!!

Alex Alvarez
Branch Manager/ Mortgage Banker
Construction Mortgage Specialist
National City Mortgage, a division of National City Bank
2880 N Tracy Blvd Ste 2
Tracy, CA 95376
(209) 839-2880 Office
(209) 839-2889 Fax
(800) 399-1820 24 Hr Service
Alex.Alvarez@ncmc.com
www.TracyHomeLoans.com

A Hot List:

Here is a link to all of the REO(bank owned homes) I think are an excellent investment. I have seen most of these with other clients and some have offers on them already. It will be totally different next week. (link)

Brian W. Barringer

Century-21 M&M/Barringer Team/Buyers Agent

209.613.8945

800.894.7282
www.TracyHomes.com

Brian@TracyHomes.com

800.894.7282

Made by Brian W. Barringer in 2006 for
http://www.tracyhomes.com/ and www.tracyrealestate.blogspot.com

Real Estate Market Report for January 31st 2008

2008-01-31T12:52:00.000-08:00

The following info is from the local MLS database, as of January 31st 2008 as compared to December 28, 2007. If you are interested in a little more market infomation feel free to give me a call, I am always happy to talk about the market.

ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 902 (902)
# of REO (foreclosures): 328 313
# of Short Sales: 221 200
Average # of days on market: 88 91

The Median price of all Homes for sale in Tracy: $369,975 $380,000
The Average price of all Homes for sale in Tracy: $398,734 $406,552
Lowest priced home: 1bd/1.00ba/502 sq.ft/$119,000
Highest priced home: 7bd/6ba/6500 sq.ft/$1,699,000

PENDING Status:
Number of properties currently under agreement: 111 104

# of REO: 76 69
# of Short Sales: 12 16
Average pending price: $386,227 ($408,632) (($408,775))
Avr. pending home is 4bd, 3ba, 2238 sq.ft at a price $396,450 and 64 days on the market.

SOLD Status:
Residential property sold over previous 30 days: 46 Transactions or $16,666,252 in sales. (35 transactions or $16,107,700 in sales.)
REO's Sold in last month: 33
Average sale price: $362,310 $395, 159
Median sale price: $356,557 $362,500
High: 599K (5/5bd 3882 sq.ft home).
Low: 150K (440 sq.ft home)

Summary: Busy! (But not too busy to help all of my clients.)The market is picking up because homes are affordable. The banks are giving great deals. Out of the 46 closed transactions last month, 33 were bank owned foreclosure's. A majority of pending homes are also bank owned. This shows the banks have fingered out the price that buyers are willing to pay for a home..... And its catching on, people who are renting are finding out that it would be the same if not cheaper to actually own a home......Now is the time that inventory( vacant foreclosed homes) from the sub prime lending crisis will change hands. In a few months I think we will see more competition between buyers for listings once this affordability idea really catches on. I have already had 3 multiple offer situations in the last two weeks alone. The truth is if its priced the best its going to get all the activity.

I also think that we have seen the majority of the price correction for this market cycle.

Brian Barringer

(My wife and I at Texas Roadhouse W/the in-laws last month)