In analyzing the closing numbers for Las Flores in the month of July, there are some things that are interesting to note. It’s interesting to explore what properties are moving, and how long they take to sell. Whether or not a home is bank owned, an equity seller, or a short sale will definitely impact the time on market.
July Closings for Las Flores
There were 6 closings in the month of July in Las Flores and 50% of them were bank owned properties. Clearly, there is a significant demand for those homes and the average time on market was only 11 days!
Two of the six were short sales. These properties can also be seen as ‘a good deal’ in a buyer’s mind and yet, they require patience and fair amount of uncertainty in the buying process. The average days on market for those homes was 111 days (98 and 123 for each).
There was only 1 equity seller to close in the month of July, and it was also the highest closed sale at $620,000 (although not the highest in terms of price per square foot).
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Good News for the Equity Seller
If you are a homeowner considering selling, and you are still in a equity position (you owe less than your home is worth), there is a bright spot in the numbers. Buyers face a real challenge in seeking out bank owned homes – there simply aren’t many on the market. As of today, only 1 out of 20 is a bank owned home.
Buyers also struggle with the time frame and some of the uncertainties that are inherent in a short sale. (I did a post several months ago on OC Real Estate Voice on the challenges of a short sale that might be worth checking out.)
Given those conditions, some buyers would love to buy a home in an equity position with one large caveat; it has to be priced to reflect the current market conditions. The good news is that sellers are responding by pricing their home to attract buyers and those buyers are responding. Currently, out of the 19 properties in escrow, 6 of them are equity sellers.
If you have questions about the market or how these numbers impact your decision making process, I’m happy to help – with no obligation.
