… Sellers who have to sell in this market have really come to understand the need for aggressive pricing because of the relatively large number of foreclosures in Novato. These foreclosures can be disastrous to neighborhood values. However, because of their generally poor condition and the stringent terms required by the banks selling the homes, many buyers refuse to engage in pursuit of foreclosed homes for sale (and just about everyone is walking away from short sales). Moreover, because the banks are using pricing schemes to lure buyers into making offers, many of these so-called foreclosure “deals” are selling way above asking price. In fact, one foreclosure in Novato’s Country Club neighborhood sold last month for over 11% above asking price in an all-cash deal…

[click HERE for the rest of the article and sales chart, courtesy of Novato101.com]

This entry was posted on Tuesday, November 11th, 2008 at 8:38 am and is filed under Marin Market Updates. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.