Distressed Sales Sink to 10% of Market for August 2013

Real Estate Agent with South Coast Estates BRE 01307915

Latest Orange County Real Estate Stats

The Orange County real estate market continues to shift as fewer distressed sales made up the final closed transactions for the month of August 2013.  Just 10% of closed sales were foreclosures, short sales, REO properties, down from 14% in July.

What does this mean to home sellers and buyers?  Generally a distressed property will sell for less than a standard equity sale.  This is due very often to the condition of the property, the length of time to process the transaction-such as a short sale-and very often the home being sold in "as-is" condition.

Since fewer homes fall into this distressed category now, and the share of equity sales is increasing, home values will not be subjected to the lower "comps" of the short sales and foreclosures-resulting in ongoing higher values for equity sellers.

So, bottom line-it's a great time for equity sellers to list their home and it's a great time for buyers to jump in and take advantage of future appreciation!

Susan Gregory specializes in the South Orange County real estate market-San Juan Capistrano, Dana Point, San Clemente, Laguna Niguel.

Visit SusanGregoryRealtor.com or call 888.264.4950

Comments (0)