The first quarter of 2008 is shaping up to be an interesting one here on the Monterey Peninsula.  There has been a lot of activity in the REO or bank owned real estate world in regards to both more REO homes for sale in particular neighborhoods but also a lot more buyers making offers on REO properties.  I have come across a number of REOs that had multiple offers in excess of 4 or 5 offers.  Or I have come across short sale properties for sale that are priced very aggressively and are on the market one day and in escrow within the week or sooner.  This is exciting to see this level of activity, and hopefully we will see more of this in the future.  If you are a buyer out there looking to jump on an REO opportunity or find the right home, you need to be ready to take action immediately.  Also, understand that REO homes for sale may receive multiple offers, so the opportunity to try and get the house for less than list price may cause you to lose out to another buyer with a full price or stronger offer.  I have even heard that some banks are not even countering multiple offers but are just accepting the best offer received. 

The buyer's market continues on as the inventory levels are remaining high.  Some of the local markets are not as inundated with REOs as others but there are still sellers out there that want or need to sell and are looking for the list price to attract a buyer.  There have been a few homes in Pebble Beach that have come on the market below $900K and even below $800K.  The video footage of the Pebble Beach fixer I have on this blog is already in escrow.  There are more homes coming on the market in Carmel too in the sub $1M range.  Here is some video footage of a 1700 sq ft Carmel fixer for $749K:

CARMEL FIXER

Visit my website at www.ChristianHaun.com for more real estate info. Feel free to contact me if you have any questions about the above info, or if you have any questions about buying or selling real estate here on the Central Coast or anywhere in the world...have a great day! – C