Short Sale Pickings

Currently the Costa Mesa real estate market is considered a buyers market.  A buyers market occurs when buyers have more options when choosing a home to buy and when there are fewer buyers out there to compete with.  Right now there are 125 homes for sale in Costa Mesa.  In the Orange County real estate market, nearly 28% of homes are listed as short sales.In January 2010 Orange County short sales were up 34% over the number listed in January 2009. That’s a huge increase and the projections indicate that more short sales are likely in Orange County and Costa Mesa real estate.  Real estate analyst Bruce Norris told The OC Register that he sees foreclosures as “the tip of the iceberg.” A short sale is one way of avoiding a foreclosure, which can have devastating effects on a homeowner’s credit.With the forecast calling for more distressed sales, buyers should be open to a short sale. Considering a short sale opens buyers up to the 28% of the real estate market that features short sales… And can present some fantastic real estate opportunities.  For example, it may get a buyer into a neighborhood they didn’t think they could afford.  Or it could provide a chance to buy a larger home.  The best thing to do is avoid labeling a home as a ‘short sale’ and think of it as a home.