Some of our investors and buyers are interested in purchasing rentals in Campbell, but they are frustrated by the lack of inventory of distressed homes. And by all indications the inventory situation is not going to get better any time soon.
Here’s why! The Foreclosure data makes it rather clear that the number of REOs and Auction properties are rapidly declining in Campbell. Below is the chart of Campbell foreclosure Data from Property Radar that shows significant decline in the number of REOs and Auction properties for July 2013.
The data shows that a decline of more than 44% for Notice of Defaults from previous year while the Notice of Sales have declined more than 55%. That means only very few homes are heading to auction at the court house for you to have a chance to bid on them.
As for foreclosure inventories that data is not that promising either since the recent increases in home prices have allowed some Campbell homeowners to avoid Short Sale and list their home for a Fair Market Sale. As you can see from the chart below, the number of REOs is down 27% compared to July 2012 and the NOD filings is down 64% compared to last year.
As the foreclosure data clearly indicates we are well on our way to a market where the distressed sales will not be dominating the market. Also, the inventory of for sale homes will come from Fair Market Sales and traditional sellers who want to sell to upgrade.
However, given the tight credit market on residential loans that will be a tall orders since most of the major lenders are still gun shy about offering jumbo loans for these kind of sellers who want to move up.
Where do you see the market heading!? Do you have a crystal ball to help you predict the Real Estate market!? We would love to hear from you.
As this trend continues it creates demand for regular properties where our cash buyers can make a quick offers to your home if you are ready to sell. Contact Us for a Complimentary Home Value Report showing how much you will net if we sold your house today.