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Non-distressed sellers pricing competitively

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POSTED February 6, 2009 4:33 a.m.
The best bargains may not be foreclosed homes.

Sellers who are not in distress, owe fairly little on their homes, and are motivated to sell because they want to take advantage of the best interest rates and prices in 30 years to either move up or move down are getting serious.

Those who want to sell in 2009 and make their move are pricing their home to reflect the realities of the foreclosure market. That means the gap in terms of pure square footage pricing is often ending up being $15,000 to $30,000.

If you don’t think that sounds like a bargain paying $15,000 to $30,000 more for homes of similar square footage when compared to a foreclosed home, guess again.

Buyers of foreclosed homes more often than not are forced to dump additional money into the homes for structural or cosmetic reasons. The foreclosure cream puffs are snapped up by investors so fast that those buying to live in homes easily get frustrated. That is what has driven people to affordable new home developments such as Valley Park where every home is within the FHA loan limits or to take a serious look at the non-bank owned and non-short sale market in Manteca.

Here’s is a snapshot of the current non-foreclosure, non-short sale offerings in the Manteca market as of Monday:

LOWEST PRICED HOME AVAIALBLE: Of the homes available in Manteca that have city sewer and water and are single family homes the lowest price is 225 N. Walnut Ave. with 1,053 square feet in a two bedroom and one bathroom configuration on an oversized lot for $99,900. It is just north of Center Street and has offices with masonry sound walls to the south and to the west.

THE HOME CLOSEST TO MEDIAN PRICE: The three bedroom, two bathroom offering with 1,737 square feet at 839 Saratoga listed for $179,500 backs up to Northgate Drive and is directly across from the East Union High baseball fields.

THE HIGHEST PRICED HOME: It is listed for $469,991, but 883 Tannehill gives you a lot of home – and neighborhood – for the buck. It has five bedrooms and three bathrooms with 3,200 square feet.

THE BEST McMANISON DEAL: It is at 1930 Hania Way in the Heritage Ranch neighborhood south of Joshua Cowell School. It has 3,518 square feet with five bedrooms and three bathrooms. It has a larger lot as well as upgrades.
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