November  18, 2008 Today’s Eagle Rock Market
Inventory in Eagle Rock hasn’t varied much in terms of number of active listings this whole year. Today there are 45 homes on the active market, 14 of them short sales, 4 REOs, and 33 regular sales including trust or probate sales that don’t require court confirmation. Since November 1, 4 have gone into escrow including 2 short sales, 1 REO and 1 regular sale while 4 more have closed escrow including 1 short sale, 2 REOs, and 1 regular sale. Prices are interesting: what is closing escrow is much lower in average price ($411,500) than actives ($568,500) or pendings ($565,725), but the actives and pendings are close in average price. I have to say that the most surprising sale to me is the short sale that actually closed escrow on Townsend, since most short sales have not ever closed. Let’s see with the 2 that just went pending if they ever actually close. Perhaps banks are actually beginning to work with people to negotiate these, we’ll see. This sample is too small to really tell. But really noteworthy is the fact that 3 of the 4 closed sales sold for more than their list prices. Hello, this is a pricing strategy that works!
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Hi Tracy,
I wanted to let you know that my listing at 1251 Eagle Vista Drive closed yesterday (11/19/08). While I priced it at $739,000, I thought it might go out at $685-695. We were under contract at $687,000 when we got the appraisal back from B of A at $625,000…Luckily the buyers and sellers really wanted to work things out so it recorded at $662,500. The moral of this story? You can only use comparables going back no more than 3 months-period. We fought and appealed to the appraiser but he just wouldn’t come up. His reasoning? The comps I used when I took the listing became 4 months “old” by the time we were under contract. Please homesellers-you have to realize what kind of market we’re in. If you are realistic you can still sell if you aren’t under water. Even then there are ways to get out at a decent price-just not the same price as your neighbor’s that sold in June!
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