How Many Short Sales Are Closing Escrow in Santa Maria, California?*
In the Santa Maria – Orcutt California area, there are currently 661 active, contingent, or pending homes and condos.
Of those 661 homes, 280 are short sale listings. Of those 280 homes, 135 are “contingent short sales.” A contingent short is a short sale with at least one offer on it. And 31 are pending short sales. So, almost 60% of the available short sales in the Santa Maria – Orcutt real estate market have an offer from an interested buyer. And, despite all the negative information about buying a short sale, buyers are still making offers on Santa Maria short sales.
Looking at closed short sales in Santa Maria – Orcutt since the beginning of the year, 102 short sales have closed. The average list price for those closed short sale homes was $233,705, and the average sold price was $230,118. So, Santa Maria short sales are closing for 98.46% of their list price despite the perception that short sales sell for deep discounts from their list price. Closed short sales in Santa Maria and Orcutt spend an average of 162 days on market, which includes the time used to obtain bank approval. If you include time for escrow after bank approval, it appears the average successful Santa Maria or Orcutt short sale takes approximately 6 months from beginning to end.
If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home, you should seek out an experienced short sale agent to guide you through this process. If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
* SFR/Condo/PUDs only. Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the real estate market. Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Copyright© 2011 Tni LeBlanc *How Many Short Sales Are Closing Escrow in Santa Maria, California?*
