What is the REO Market like for October in Long Beach?

What does the reo market look like in Long Beach? Well surprisingly it isn't 50%, 60% or more of the market.

In many areas of this fine country REO(real estate owned or bank owned) properties dominate the market and are the vast majority of the market.

In Long Beach 14.57% of the market is REO or bank owned properties. Out of the 315 new properties that were listed for sale in September 65 of those were bank owned properties. So even of the new listings that are coming on the market 20.6% of the market is bank owned.

What does all of this really mean?

Well it means that the world is not coming to a crash and banks aren't begging for offers on their properties. In many cases REO properties have 1 or more offers within 72 hours of appearing on the MLS. This is for a variety of reasons. Many consumers feel that they can get a deal on a bank owned property. This may or may not be true depending on the property. Are banks selling things for 50 cents on the dollar? They are not from what they are listing it at. Are they from what they once were owed on the property? In some cases yes properties that had loan amounts of $500,000 are selling close to $300,000. Truth be told many of these properties should not have had loans at those prices.

How do you get to see where the REO properties are located?

The great part about bank owned properties is they are generally listed on the MLS. That means you can see them all in our FREE MLS system. You can see what is available and what is going on in your neck of the woods or where you want to be. There are some areas that have few to no REO properties so keep that in mind. If you can't find what you are looking for let us know via the contact form or call us at 562-989-7111 and we will be happy to help you.