A Potpourri of Local Laguna Beach Information
Category : Laguna Beach Real Estate
October Market Update and My Perspective on the lack of houses for sale:
- There are only 177 homes for sale in Laguna which is the lowest since 2004. There are only 39 homes for sale priced below $1.5m. Yet there were 41 sales in Oct. (30 below $2m Client Short Page, 11 above $2m Client Short Page) which is fantastic and speaks of the depth of the demand. This is true throughout OC.
- Why are there so few houses for sale? Some of the reasons are that many people while their current with their mortgage payments, are upside down, owing more than they can get and they don’t want to do a short sale. Also, the banks are cutting back on foreclosures which have been a major part of the inventory.
- THIS COULD BE BIG and put a lot of houses on the market if true. – A couple agents I’ve talked to have gone through training with the 4 major lenders for a new short sale program they are piloting. The lenders are going to work through their famous ‘shadow inventory’ by contacting upside down homeowners and tell them that they need to short sell their house for an amount that the bank feels is market value and they need to chose between 3 agents that the bank has chosen. The timeframes for the process will come down significantly. STAY TUNED.