Over the weekend I was out in the East Valley showing homes to my clients and was astonished by the level of activity in an area that was hard hit by the subprime market. A year ago time on the market for this area was in upwards of 300+ Days and is has now diminished to a mere 38 days.
Bank owned properties are quickly moving into pending status, some in just 24 hours. Yesterday I took my video camera to one of the homes that we previewed and videotaped to give perspective buyers a glimpse of the types of properties available but most importantly to show you the conditions you may find in a bank owned home in our market place.
This particular property was on the market for a week and had 20 offers. We are also seeing cash offers playing a pivotal role in the winning bid for many of these properties. California Association of REALTORS has pointed to the bay area as one of the leading market indicators and historically speaking the bay area has always led by six months when recovering from a down real estate market.
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