Comments on: South County Sales Week of December 29, 2008 – January 4, 2009 http://southcountyrealestatetoday.com/2009/01/05/south-county-sales-week-of-december-29-2008-january-4-2009/ Just another Real Estate Tomato weblog Fri, 30 Dec 2011 04:50:45 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Gretchen Merrick http://southcountyrealestatetoday.com/2009/01/05/south-county-sales-week-of-december-29-2008-january-4-2009/comment-page-1/#comment-1955 Gretchen Merrick Wed, 07 Jan 2009 18:07:50 +0000 http://SouthCountyRealEstateToday.com/2009/01/05/south-county-sales-week-of-december-29-2008-january-4-2009/#comment-1955 I would imagine that in the low price ranges, the large number of pending sales are taking a long time to close due to short sales and, to a smaller extent, REOs. Many buyers hang in there on short sales for a month or two, but if the bank takes longer than that to respond, buyers often get impatient and make an offer on another home. I've also, unfortunately, seen financing fall apart at the last minute and this would be another reason for the lower actual closing amounts as compared to pending amounts. Thanks for your input, Harriet, and I'm glad you liked my investment analysis! I would imagine that in the low price ranges, the large number of pending sales are taking a long time to close due to short sales and, to a smaller extent, REOs. Many buyers hang in there on short sales for a month or two, but if the bank takes longer than that to respond, buyers often get impatient and make an offer on another home.

I’ve also, unfortunately, seen financing fall apart at the last minute and this would be another reason for the lower actual closing amounts as compared to pending amounts.

Thanks for your input, Harriet, and I’m glad you liked my investment analysis!

]]> By: Harriet Pecot http://southcountyrealestatetoday.com/2009/01/05/south-county-sales-week-of-december-29-2008-january-4-2009/comment-page-1/#comment-1954 Harriet Pecot Wed, 07 Jan 2009 14:59:26 +0000 http://SouthCountyRealEstateToday.com/2009/01/05/south-county-sales-week-of-december-29-2008-january-4-2009/#comment-1954 Hi Gretchen, I think it's interesting how we both come at statistics from different directions. That's why I like to do my own regularly to some extent, so I can keep tabs on the market in the way my brain works. I am also seeing that although we have been seeing pending sales close to 25% on a consistent basis for months, we are only seeing closed sales under 10% on a consistent basis for months. Is that mostly short sales or are we getting a huge amounts of transactions not completing for other reasons (i.e. financing). Interesting. Also, thanks for letting me use your investment study. I gave you credit on my blog today and plugged my own listing at the same time. Thanks! Harriet Pecot Hi Gretchen,
I think it’s interesting how we both come at statistics from different directions. That’s why I like to do my own regularly to some extent, so I can keep tabs on the market in the way my brain works. I am also seeing that although we have been seeing pending sales close to 25% on a consistent basis for months, we are only seeing closed sales under 10% on a consistent basis for months. Is that mostly short sales or are we getting a huge amounts of transactions not completing for other reasons (i.e. financing). Interesting. Also, thanks for letting me use your investment study. I gave you credit on my blog today and plugged my own listing at the same time. Thanks! Harriet Pecot

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