The Bad News
Unfortunately, the short sales in Las Flores are abundant at all price points. Short sales comprise nearly half of all the inventory - 7 of 15 current active listings. The bulk of them (5) are in the $500 to $750 marketplace. The one big failing in my video post is the lack of mention in the short sale closings - there are none in the last 30 days. It's important to note because of the abundance of active homes and those in escrow that are short sales - in 30 days we haven't had 1 short sale successfully close. The pending, or 'In Escrow' inventory, are slightly skewed by the high number of short sales. Many of these properties have been in escrow for months, and some may ultimately foreclose. Out of the 17 in escrow - 11 of them are short.
So What is the Good News?
The good news is that there actually is good news. There are four big changes to note for Las Flores real estate conditions.
- Active inventory is down. In March, there were 23 active listings and today we have only 15.
- Pendings are up. In March, we had 9 pending, but today we have 17 in escrow.
- Closings are up from 4 to 6 from that same 30 day period.
- 2 of the 4 closings in the last 30 days were over $750,000. In previous analysis, we had no movement at all in those price points.
So What Does This Mean If You Are Selling in Las Flores?
Note your price point. Under $600,000 seems to be moving nicely and there is significant demand for equity sellers - those that can sell without bank approvals. Just don't think that it means you can expect a premium sales price. The ones that sell are the ones that are priced right. Even over $750,000 is moving for the first time in a while, but you must be priced to reflect market conditions.
So What Does This Mean If You Are Buying in Las Flores?
Prices have come down dramatically but available properties are tough to find. Be prepared to watch and wait carefully for the right fit. Speak to your agent about automatic notifications if you are focused on Las Flores - especially in the lower price points.
So What Does This Mean If I Am In A Short Sale Position?
If you need to sell and you owe more than your home is worth, develop a strategy that makes sense. Talk to someone you trust and someone that understands your circumstances and your needs. Don't pay upfront. Be careful. There are NO guarantees in this area of the market. Every short sale is different and every bank is different. And, honestly every day it can change.
If you have questions, I'm happy to help. There is no obligation and no pressure; we really do want to serve the homeowners and potential buyers in Las Flores. Let us know how we can best help you.
Originally posted at My Las Flores.