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We’re Having a Short Sale Party

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

We’re Having a Short Sale Party

 

I was out showing properties today in Oceanside and Vista, most of them short sales, and you would have thought homeowners were having a short sale party by the number of people in and outside the homes, and the cars lined up and down the streets.

 

Of course these are not happy situations for these homeowners, for a variety of reasons, but the volume of activity was like a neighborhood party.

 

Did you miss another home by not acting quickly?All of these homes just hit the market late yesterday, and are priced well in the mid $300,000s, and buyers and agents were out in droveson a rainy So Cal day.


It’s clearly yet another indication of how competitive the market is getting, at least in our lower price points.

 

It can be a bit disconcerting for buyers who are not really aware of what is going on out there. Walking up to a new listing in your price range and desired area, only to see multiple parties also exploring the home is a mite off-putting.

 

While not everyone looking at a property will make an offer, we are seeing multiple offers, right away, on well-priced properties, so buyers must realize that they WLL be competing.


And they will have to make a move right away. Or you will throw up your hands at another home that got awat!


It's scary if you are not prepared.

 

Buyers need to be prepared, emotionally and psychologically, and ready to make a strong offer based on a sound home buying strategy and discussion with their REALTOR, provided they are serious, have a pre-approval in hand, and proof of funds.

 

This is NOT a party, it’s serious business!! Save the party for after your closing.

Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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David Grbich
Realty One Group - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Hi Jeff - great timing - I showed a hot property in the right price range on Friday and it was bustling. We offered $40k over asking hoping to end the party and the party is continuing until Monday when they will respond!! I get wanting to end the party with a bang but just maybe someone could end the party early with a great offer and not use my offer until Monday!!! Interesting times. Regards Dave

Jan 27, 2013 01:01 AM
Sajy Mathew
Coldwell Banker Residential Brokerage - Lancaster, PA
Making your real estate dreams become a reality!

Hopefully this gets the Buyers focuses and ready to take advantage of this market and interest rates

Jan 27, 2013 01:04 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Melissa - absolutely. There still seem to be some sellers who are not being realistic but more are. Homes are selling and with the demand we need more listings, especially in the under $500 range.

Kimberly - it seems to be the same story in most markets. We don;t see many REOs and I think the percentage of short sales have moderated some compared to a year ago but I don't have specific stats to be sure if that is the case and by how much. They still are a significant part of the market especially in some communities.

Jeff

Jan 27, 2013 01:06 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Ed - timing is everything

Andrew -it's certainly good to see the activity improving, and I, too, have heard stories of some very active open houses.

Charita - the activity has been pretty good for some time now but definitely increasing, for shorts as well as regular sales. The equity sales are especially popular since there are buyers (I have several) who do not want to play the short sale waiting game.

Jeff

Jan 27, 2013 01:16 AM
Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

The market is nuts in my area as well.  It is moving so quickly people can barely keep up!

It is a shock for buyers when they see the amount of competition out there!

Jan 27, 2013 01:33 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Elizabeth - a well-practiced and efficient plan and preparation such as what you do makes so much sense for sellers, and all those buyers. Nothing worse than a feeling of panic. And having hoards of people traipsing through your house is a major hasle, especially if you find that many buyers are just looking and not really qualified to buy. LImited showing times are a hassle for buyers and their agents, but I understand in the very busy areas how it makes some sense.

Richie - Imagine there are a few here who agree. But we have a ways to go.

Jeff

Jan 27, 2013 01:46 AM
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
HomeSmart Stars - Addison, TX
Real Service. Real Results. Real Estate

I had 13 scheduled showings yesterday on my new listing (not a short sale). I've never had that many all in one day before. Things are definitely heating up!

Jan 27, 2013 02:58 AM
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

The market is starting to move upward in Florida & multi offers are happening. Wait till interest rates start to move up. The market will really move up.   Jim

Jan 27, 2013 03:29 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Bryan - it IS intimidating, especially if you aren't prepared. And getting some buyers to understand what they have to do in order to be successful in this market is sometimes a challenge.

David - hearing stories like that all the time. Sometimes the delays in the decision are hard to understand, and certainly frustrating for buyers who have made a strong offer. But you can't get to emotionally attached to any house right at the moment it seems

Jeff

Jan 27, 2013 04:00 AM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M
Jeff - We're seeing serious competition in most price ranges here in Orange County too, especially in the lower prices, and buyers need to bring their A game to the original offer if they want a chance at the house.
Jan 27, 2013 05:49 AM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Who'd think there would come a day when buyers are lining up to buy short sales!!! Great time for sellers,

Jan 27, 2013 05:51 AM
Martha Brown
Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD
Your Homes Around Annapolis Agent

Inventory is low here as well. Potential sellers need to listen to the rumbeat and put there homes on the market. Its the best selling season they have had in a long time.

Jan 27, 2013 07:14 AM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Jeff, short sales can be a great opportunity to get a good deal on a home, but multiple offers often drive the price well above the list price and buyers need to prepare for that.

Jan 27, 2013 07:28 AM
Steve Warrene
Your Town Realty - Lower Burrell, PA
Pittsburgh Realtor North and East Pgh.

We are seeing the same thing here.  It's a great trend to see... buyers willing to aggressively buy now.  2013 is going to be a buying frenzy.

Jan 27, 2013 08:31 AM
Kim Peasley-Parker
AgentOwned Realty, Heritage Group, Inc. - Sumter, SC
Glad your market has improved and is getting competitive. Our area experienced the worst year yet last year and we are hoping for improvement this year.
Jan 27, 2013 10:06 AM
Tamara Inzunza
Realty One Group Capital - Alexandria, VA
Close-In Alexandria and Arlington Living

How low can the inventory go?!  We're in desperate need of listings in my area.  It's refreshing to see that happening in other parts of the country as well.  Love your graphic!

Jan 27, 2013 10:43 AM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Jeff, like CA, it's the same situation here in Northeast - to be precise, New England. (And yes, short sale party seems to be over in few towns!)

Jan 27, 2013 12:15 PM
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide
That Boy Scout motto comes in handy here: "be prepared". Sooner than the clients can close, party and have a baby.
Jan 28, 2013 02:02 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Sajy - well MY buyer certainly took note and commented on it. And we are seeing this often.

Tni - good to hear things are moving in your area too. And you;re right, it IS a shock, and scary. The problem is that sometime buyers in these situations do not make the best decisions.

Wow, Lorrie, that's pretty impressive. The selelrs mush be amazed!

Jim - I think we are in for even more activity

Christine - so true. The busiest properties are under $400,000, although that is a general impression and not factual. :)

Jeff

Jan 28, 2013 03:03 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Pamela - short sale, REOs and traditional sales...whatever they can find

Martha - it's a good time expecially for move-up buyers who have been waiting for the opportunity

Nick - it's true, although many in our lower price points are cash. I don't know why someone would want to overpay but I suspect some of that is happening

Jeff

Jan 29, 2013 10:21 AM