This can be good news for home buyers looking for the best deals in the market. Short sales are typically priced below other standard sale properties.
Ladera Ranch, CA (PRWEB) September 22, 2012
Ladera Ranch short sales in recent years have accounted for half the inventory of homes for sale in Ladera Ranch, California. A short sale is when a property is sold for less than the outstanding debt for the home. In the past couple of years about 50-60% of homes sold in Ladera Ranch were short sales. This year is no exception; to date there have been 179 short sales, 198 standard sales, and 55 bank owned sales in Ladera Ranch out of 440 total sales.
So why is this happening? One of the reasons is the Ladera Ranch got hit after the downturn of the market. Ladera Ranch Homes are selling 50% less than what they were selling for at the height of the market. There are 164 pending home sales and 119 of them are short sales with 72% of the pending home sales are short sales. More and more sellers want to try a short sale and are encouraged by their banks to do a short sale than letting the home fall into foreclosure.
The Fall/Winter season of 2012 looks strong for projected short sales that will wrap up by the end of this year at 49%. A final breakdown of sold homes in Ladera Ranch so far this year is 49% short sale, 40% standard sale, and 10% bank owned and other sales. This can be good news for home buyers looking for the best deals in the market. Short sales are typically priced below other standard sale properties. For sellers, home prices are still very low. The good news is that the inventory of homes is really low which means sellers will have multiple buyers to choose from.
About Scott Bingham: Scott specializes in the Ladera Ranch community and is widely known as the expert when it comes to understanding the market trends in the area. For additional information on Ladera Ranch Real Estate simply go to http://www.laderaranchrealestate.com or call 949-412-3515 today.