The 2014 Disappearing Distressed Market
I'll never forget the weekly office meeting in 2007 when my first short sale emerged and all of the more experienced agents in the office who had dealt with short sales in past markets began to cringe and brace themselves for impact. All I could say was, "what is a short sale?" I was 5 years into my career at the time and I thought I had a lot of deals under my belt and considered myself experienced yet had never heard the term short sale. So from that day on up until recently, my business grew to consist of approximately 60% distressed sales and foreclosures. Needless to say, I have become an expert on short sales in the last 7 years. I am not sad to see them go, LOL!
The 2014 Disappearing Distressed Market
California's distressed housing market is a shadow of what it was at the height of the great recession. Today, distressed sales make up about 30-40% of my business. Of the 7 escrows I have open currently, 3 of them are short sales.
The 2014 Disappearing Distressed Market
As a Realtor and a people person, I'm so happy to see less and less families losing their homes and walking away from all that they had worked so hard to build. As the market in California continues to improve, it is such a joy to see my clients benefit fromt the prosperity the new market brings us. I just hope that we keep a handle on the prices and that we are able to sustain a long term growth rather than a short term bubble.
Have a great weekend everyone!
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