Wondering what the market for home and condo foreclosures is like in Pismo Beach? Here is your answer:
Pismo Beach, California foreclosure activity: There are 139 active and pending homes and condos in Pismo Beach currently. Of those 139 properties, 9 homes are foreclosures and 12 are short sales. Looking back six months, there have been 35 sales in Pismo Beach with an average listing price of $671,239, and an average selling price of $616,669, so sellers are getting about 91.8% of their asking prices in Pismo Beach indicating some significant bargaining room for buyers. Average days on market were 172 with $393 per square foot paid.
Of the 35 property sales, 9 were foreclosures (25%) and 5 were short sales (14%). So although there are not a tremendous amount of foreclosures currently on the market in Pismo Beach, they clearly are a significant force in the market and buyers appetites are focused on short sales and foreclosure listings. Looking at sold foreclosures, the selling prices are about 89.3% of asking prices reflecting the significant bargaining room that makes foreclosures so appealing to buyers. Days on market were also shorter at 76, and averaging $341 per square foot paid. Average selling price for a Pismo Beach foreclosure listing during this time period was $593,167. Agent note — I actively work in the field with Pismo Beach buyers, and although they prefer the condition of regular sales, they are often turned off by the price difference. Even though a regular listing is usually far superior in condition to a foreclosure, it still must be competitive in terms of price in order to catch a buyers eye in this market.
Wondering how to get the most for your home in a foreclosure driven market? Already tried to sell your home and failed? Want to talk about doing a short sale? Call Mint Properties today for a consultation to get your home sold today. (805) 878-9879.
*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or 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 market.
In July 2006, Mint Properties opened an office in the Mission Creek Plaza on Santa Maria Way. Tni’s stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a volume driven approach; the result is prompt, reliable, individualized service coupled with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law.
What is an approved short sale? Let's start with what a short sale is -- a short sale is where the owner owes more on their loan than their home is worth but they still must sell the home. So, the home is placed on the market and offers are accepted -- subject to lender approval. Lender approval can take months to obtain. An approved short sale is a short sale where the seller has already received approval from the bank. So, usually they list the property at a price that the bank has already indicated that they will accept, and they typically indicate how much closing costs credit and any repair credits the bank will allow.
Finally! Those of you who read my blog recall my recent blog post on buying a foreclosure and not receiving your keys until the day after it closes. It appears that the Claifornia legislature has take a stab at the heart of the problem, which was the fact that buyers were not allwoed to pick their own excrow companies in these transactions. Banks would hire title and escrow companies to complete their foreclosure proceeding and when they turned around to sell the property as an REO, they would compel the buye to use that same title/escrow company to complete the purchase.
