Approved Short Sales Increase In North San Diego County
Posted by Pam & Joanna | Visited 507 times, 1 so far today | Leave A Comment »
If you have been shopping for homes anywhere at all, you will soon realize the pain and agony of the all too familiar Short Sale. The market is flooded with them.
Many buyers and their agents are refusing to even look at them anymore. The length of time it takes to approve and the disappointment of being rejected or out bid after waiting months for an answer is just too difficult for many buyers to take.
It looks like things might be changing though. Suddenly, even the short sales are getting multiple offers and are refusing anymore showings or anymore backup offers.
You have to be quick in this market. If something good comes on the market at a good price, you better grab it, and don’t pussyfoot around about it either. Put in your highest and best right up front, if you don’t, someone else will come along right after you and push you right out of your position with a stronger and better offer.
I took a look at a few cities in San Diego North County to see what percentages of shorts sales were on the market and how many of them are actually being sold. I was pleasantly surprised to see how many are currently pending sale. This must mean that the banks are finally approving them and are possibly getting their systems in place to deal with them at a more efficient level.
The cities I took a look at were Escondido, San Marcos, and Valley Center, here is what I found;
902 Active listings with 460 of them being Short Sales, that is 51%
367 Pending listings with 238 of them being Short Sales, that is 64%
534 Sold properties year-to-date with 139 of them being Short Sales, that is 26%
I am highly encouraged by the percentage I see for the current pending listings. It actually looks like we could be shifting a bit here. Maybe the banks are catching up and they are tired of owning homes.
This is not to say that we have seen the last of the foreclosures though. I think we still have quite a ways to go.
If you are out looking and have been shying away from the short sales, maybe you should give it another chance. Many of the Short Sales out there have already been approved and you wont necessarily have to wait through it.
Whether you are a buyer or a seller, if you need help in the Short Sale department, you can give us a call. We are here to help and we answer our phones.
Pam and Joanna
760-580-1615 or 760-580-1630
