The short answer to the question are San Mateo County short sale single family homes still a bargain in 2013 is NO.
This is a chart of all the single family San Mateo County short sales sold in in 2013. Of the 73 single family short sales the average sales price vs list price was over asking every month this year. This is very similar to the sales of traditional resale homes in San Mateo County.
There were 89 condos/town homes that were San Mateo County short sales and sold in 2013. The average sale price was over list price in every month in 2013.
This is very similar to traditional resale condos in San Mateo County.
So what happened to the great deals you can get with San Mateo County short sales? I am sorry but those days are gone. The inventory of homes for sale in San Mateo County is so low and the demand so high that almost every listing gets multiple offers, whether it is a traditional resale, San Mateo county short sale, or San Mateo County foreclosure. Most of the people who could not afford their mortgages lost their homes years ago. Also, since there has been so much appreciation this year the number of people who owe more on their mortgages than the home is worth is very low. If they can not afford to keep the home is is very easy to sell it and pocket some cash. Many homes sales even start out as San Mateo County Short Sales but by the time they get offers over asking they are no longer short.
So if you are looking for a bargain in a single family home or condo it is not likely you will find it in a San Mateo County Short Sale.
If you have any questions about buying or selling a home in San Mateo County please feel free to contact me.
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