What % of Total Sales do Short Sales and REO’s Represent?

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There has been a lot of talk about short sales and bank owned properties and how they are effecting our market but until you see the numbers it’s hard to understand how and why.

From January 1st, 2010 to March 8th, 2011 there has been 712 homes sold in San Leandro.

Inside the numbers:

  • Of the 712 homes sold 363 were regular sales
  • 264 were REO properties
  • 85 were short sales


We’ve been saying the market won’t rebound until we see a reduction in short sales and REO properties and here’s why.  49% of the total sales over the last 13 months have been non-traditional.  We know that on average a short sale or bank owned property gets roughly 20% less then a regular sale.  At a 1:1 ratio that means for every regular sale there’s a short sale or REO dragging the market down.

As we keep stating, the news isn’t all bad.  Most short sales and bank owned properties are in less than desirable condition.  In fact, the vast majority need substantial work just to be considered in fair condition.  The good news; if you are a traditional seller and your house is move-in ready priced appropriately the buyers are out there.  Not everyone want’s a project and buyers will pay for a quality home.

Best advice if you’re a traditional homeowner contemplating selling your home.  Get your house ready, understand current market conditions, and listen to the advice of your real estate professional.  We can help, contact us today and we’ll help navigate you though these confusing times.

Perry & Tianne Vittoria

(510) 326-0378

Category : Blog

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Since 1970 Rinetti & Co. Realtors has been selling residential and commercial real estate throughout the greater East Bay. We are boutique real estate company with a single focus, exceptional customer service from start to finish. Rinetti & Co. Realtors has the experience and practical knowledge to adapt to changing market conditions while providing our clients expert advise when buying or selling a home. If you’re considering making a move please contact us and see the difference Rinetti & Co. Realtors can make for you.


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