The other day I wrote about the San Diego Chargers losing again and the real estate market for Lake Elsinore, CA (zip code 92532). I said there were currently 217 homes for sale in this area. What I didn’t do was breakdown that number into categories: Standard Sales, Bank Owned (REOs) and Short Sales.
Is it really a surprise that 56% of the market in Lake Elsinore, CA (zip code 92532) is dominated by Short Sale listings? Short Sales represent 122 of the 217 “Active” homes for sale.
Bank owned (REOs) homes came in with the second highest number….50 “Active” listings or 23% of the marketplace.
Standard sales came in third, with only 38 “Active” listings or 18% of the real estate market for Lake Elsinore, CA (zip code 92532).
3% of the homes for sale didn’t classify their Sales Type or Category.
Why are these numbers important? If you’re looking to buy a home in 92532 then you better be prepared to view a lot of Short Sales. Short Sales will close escrow, they just take longer than Standard Sales and Bank owned (REOs) homes. You can get lucky and find an approved Short Sale and close escrow within 30 to 60 days and some lenders have sped up the Short Sale process. Bottom-line: don’t be discouraged by Short Sales, as long as you’re working with a knowledgeable and experienced agent you should be in good hands. The one caveat, the listing agent or the person negotiating the Short Sale can make or break a deal. Have your agent do their homework and find out the success rate of the listing agent and/or negotiator. This may head off any issues before you start the process.
This is Ryan Smith from Temecula, CA signing off until next time…………………
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