Short sales are a good portion of the real estate market in Orange County, and Costa Mesa is no exception.
There are currently 176 homes for sale in Costa Mesa, 57 of these are short sales or homes that are already in the foreclosure process. These numbers indicate that over 32% of the current inventory of homes are short sales.
104 of the the 154 homes that are currently in escrow in Costa Mesa are short sales or in the foreclosure process. This is a huge number that reflects that over 2/3 of the homes under contract are short sales. This speaks loudly to the current real estate market and the loss in value we have experienced in the past few years.
Of the 713 homes that sold in Costa Mesa in the last 12 months, 169 were short sales or homes that were in the foreclosure process. This is just under 24% of all of the homes that sold last year.
Why are so many fewer homes that are short sales closing escrow when compared to those that go under in to escrow?
Perhaps this is a result of the difficulties of getting short sales closed. It may also be a result of failing to qualify the seller and understanding when a seller might qualify for a short sale.
If you would like to know if you are a good candidate for a short sale or if you would just like to discuss options to avoid foreclosure, please contact us at 714.319.9751 for a free consultation.