Foreclosures Hit Hard in Lincoln California
March 24th, 2008 categories: Forclosures
Traveling down the 65 used to be the sleepy town of Lincoln…….that is until the developers moved in. Quickly Lincoln became a city with a Lowe’s and a Home Depot (that’s when you know your on the map). Communities such as, Twelve Bridges, Lincoln Crossing, Foskett Ranch, and Catta Verdera quickly grew into the Lincoln we all know today.
These communities being established from 2002 until today is one of the main reasons why the area has been hit so hard by the foreclosure market. Home buyers were purchasing in the peak of the 103% financing, adjustable rate mortgage boom. Surrounded by building still in progress, home owners watched their equity dwindle while the builders started to struggle to sell homes thus slashing prices and offering huge incentives.
Fast forward to today. The foreclosure fiasco that Lincoln has found itself in has created an incredible opportunity for buyers. With some of the best deals we are seeing in the market, buyers are taking notice. Check out these current statistics for Lincoln, CA.
33 Active Bank Owned Properties Average List Price $316,317
59 Pending Bank Owned Properties Average Price $307,500
66 Sold Bank Owned Homes Since 1/01/08 Average Price $335,134
Home are selling for an average of 93.5% of asking price.
This presents a great opportunity to buy an almost new home at an impressively affordable price, and seeing these numbers tells me that plenty of people are taking advantage of the deals.
Sparky and I have been working the Lincoln market since the first new homes started going up. It is a great area with a lot to offer. If you are considering a purchase . Call us with any questions. 916-628-4598 or 916-628-8086
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