Newport Beach REO Market Update | April, 2012

By
Real Estate Agent with HÔM Sotheby's International Realty, BRE License 01501912

Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Also, Newport Beach REO home buyers are competing with cash buyers as well.

Newport Beach currently has an inventory of REO or bank owned homes. Currently there are five active listings, five back up, five in pending status, and four sales for the month of March, 2012.

Newport Beach Bank Owned Market Update

Comparison from prior month is below.

Listings are the same since March, 2012
Back Up is  is up +3 since March, 2012
Pending is the same since March, 2012
Sold properties are down -2 from March, 2012

There is a low absorption rate  of the REO property  of approximately one month or less. These properties move quickly as buyer’s perceive them as the best deal. Keep in mind when buying an REO property – they are purchased “as is”.  Keep in mind banks will want fair market value and go to great lengths to obtain that value, including obtaining several BPO (broker price opinions) and appraisals.

Newport Beach REO Market Absorption Rate

Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.

Originally posted at NewportBeachRealEstateCafe.com

 

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Rainmaker
1,118,855
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sharon, I always love your markete reports, this is such a valuable information, more buyers and sellers need to be aware!

May 31, 2012 11:07 PM #1
Rainmaker
682,586
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Sharon - You're experience and expertise really come through in your market reports.  Excellent information on the REO market in Newport Beach, CA. 

Jun 01, 2012 11:07 AM #2
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Sharon Paxson

Newport Beach Real Estate - HOM Sotheby's Int'l Re
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