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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Topic:
ActiveRain Community
Location:
California Orange County Newport Beach
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Southern California Real Estate Forum
Market Reports
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Tags:
april 2012
newport beach reo market update

Comments 2 New Comment

Rainmaker
958,361
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

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
Rainmaker
590,871
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Tahoe Real Estate Agent Helping Buyers and Sellers
Coldwell Banker, Tahoe City, CA (530) 414-1260

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

June 01, 2012 11:07 AM
Rainmaker
649,467

Sharon Paxson

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