The Dublin CA real estate market is an interesting blend of dynamics. RealtyTrac is showing 428 properties in Pre-Foreclosure, 98 homes being Auctioned and 247 REOs (bank owned properties) in Dublin.
An article in yesterday’s Contra Costa Times on foreclosures mentioned that having a bank owned property next to yours could lower your property value $50,000. A non-profit study conducted a couple of years ago says every foreclosure within an 1/8th of a mile of your home could reduce the value of your home by up to 1.1% each!
In addition to the rising foreclosures and REOs in Dublin, there is the downward pressures on home values being brought by some builders as we noted here.
Giiven all of this, it’s interesting to see the chart of this weeks MLS stats for Dublin CA. Declining inventory of resale homes and increasing pending sales usually mean a market shifting in favor of the seller, but this is not the case in Dublin where there is just too much new home inventory on the market competing with homes for resale.
You don’t need to go any further than the weekend paper to see how much pressure new home builders are putting on Dublin prices. The big builders are discounting prices, offering incentives and financing assistance that is forcing homeowners to get aggresive with their pricing to compete or take their home off the market and wait for better times.
I believe this is what is happening in Dublin – inventory is dropping and the competitive pricing is leading to an increase in resale homes. Many buyers still like homes with a yard in established neighborhoods not so highly congested as the newer developments.
It’s still a buyers market in Dublin and a great time to make a good deal on a home purchase.
If you’re interested in exploring bank owned properties, call Paul @ 925–963–4246
If you are looking for new construction, call Tracey (she has over 8 years of experience in new home sales and knows how to get you the most bang for your buck) 925–984–1890.
Ginny can help you explore the best deals available on resale homes in Dublin – 925–699–3328
One Trackback
[...] We’ve reported on foreclosure activity in San Ramon & Danville, Dublin, and Concord CA. We also noted how investor activity is increasing with foreclosure purchases. And, we have have also been reporting on how lenders are trying to help expedite the purchase of REOs (bank owned properties). [...]