Coming soon to the Sonoma Real Estate Market: A Big Wave of REOs. This was the news in our weekly Monday office meeting. We got word that the Bank of America is planning to introduce about 300 Sonoma County REOs within the next 90 days. We also heard that 30 of the REOs will be Sonoma Valley real estate listings and among them....will be a couple of $2 Million dollar properties.
We currently have 181 residential listings in our market and 14 of those are REOs. You don't have to be a mathmatician to figure out that the anticipated new REOs would triple our inventory of bank-owned listings. That's a significant increase by anyone's standards.
But wait...there's more! And probably lots more. The B-of-A's Sonoma County REOs are likely just a fraction of what's in the pipeline. Other banks including Wells Fargo, Chase, Citibank, Countrywide, and local lenders have not revealed how many Sonoma County REOs they will be putting on the market in the coming months. I wonder if a 2010 flood of Sonoma County foreclosures has begun?
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707.337.1182 | Kirsten@KirstenLindquist.com | SonomaIsHome.com
Pacific Union International & Christie's Great Estates
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109 East Napa Street | Sonoma, CA 95476
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This will certainly put some inventory on the table for all the buyers! Can't wait!
Get ready to ride the wave!
Hmmm...interesting report. I find that my area experiences the California stats within 8 to 10 months.
KirstenL
Sounds like there will be really interesting properties out there!
We could sure use the inventory. Haven't we been waiting for this for about a year?
We've been hearing this for a long time. The next big thing is higher priced REO's...all the $800k+ properties selling for $450-$500k. This year my average loan amount has gone from $250k to $450k so that's good news. You don't see 24 offers on these properties but finding qualified clients is tough. We do need more inventory!
I've been hearing about this being on it's way for awhile now. We should see a big increase in commercial foreclosures as well. Now that folks with conventional loans and good credit who can no longer keep up with their payments due to job loss are feeling the hit.
Debi