Costa Mesa, Tustin, Irvine, Laguna Beach, Newport Beach, Mission Viejo, Orange County Homes and Real Estate – local Housing Market update
Costa Mesa Housing Market Update ~ 11-13-2009
Costa Mesa, California - 35% of current homes for sale market is short listings. Only 1% now for sale are bank owned REO’s.
Tustin Housing Market Update ~ 11-13-2009
Tustin – 38% of current homes for sale market are short listings, with only 8% bank owned REO. 45% of that market is distressed (bank owned REO and short listings)
Irvine, California -
Irvine Housing Market Update - 11-13-2009
24% of current homes for sale market are short listings, and only 3% are bank owned REO.
Mission Viejo housing market update - 11-13-09
Mission Viejo – 32% of current homes for sale market are short listings, and only 4% bank owned REO.
Newport Beach -
Newport Beach housing market update - 11-13-2009
9% of current Newport Beach homes for sale market are short listings, and only 1.6% bank owned REO.
Laguna Beach housing market - 11-13-2009
Laguna Beach – 7% of current homes for sale market are short listings, with only 1% bank owned REO.
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What does this mean? Short listings dominate these local homes for sale markets, while bank owned REOs have been bought up and reduced to a very small percentage.
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Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA. Irvine Realtor. CA DRE #01410855. ExploreProperties@gmail.com.
Harrison – thanks for the local market update and great visuals with the pie charts. Since short listings are not really “for sale” until lender(s) approval of sale, the increasing percentage of short listings creates a false expectation for buyers about the actual number of available homes for sale in this low inventory market. Short listings take months to get appoved, if ever, and potential buyers must get very good at waiting. When a buyer makes an offer on a standard sale, she finds out the owner’s response to the offer within 3 days. Homes that are standard sales are what serious buyers should preview, write an offer on… and enjoy as their new home.