Short sales have become a fact of life in all areas of Orange County real estate, and Costa Mesa is no exception.
Of the 176 homes currently for sale in Costa Mesa, 57 homes are short sales or in the foreclosure process. This is over 32% of the current inventory of homes.
Of the 154 homes that are currently in escrow, 104 homes are short sales or in the foreclosure process. This is over 2/3 of the homes in escrow.
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.
It appears from this that far fewer homes are closing escrow than those that go under contract or in escrow.
Perhaps this is because of the difficulties of getting short sales closed 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, please contact us at 714.319.9751 for a free consultation.