The majority of sales in the second quarter (Q2) of 2011 represent standard transactions, about 63% of the overall turnaround. Distressed sales, whether foreclosures or short sale (where the property is sold for less than the note/mortgage), have had an adverse affect on value within the community, even though it is hard to gauge through these sold listings due to constraints in comparability.
One thing to note, if larger properties (+2,000sqft) are selling at discounts due to distressed factors then medium sized homes (+/-1,800sqft) with equity will be negatively impacted with buyers looking to purchase MORE with their money. Tack on a couple hundred extra square feet by financing an extra couple of bucks/dollars would seem to fit the current consumer, it’s all about payments/affordability in today’s market.
In the end, for 2011 Q2 it seems as though prices are holding steady. Just a couple homes sold below the high four hundred thousands ($400Ks) and there will always be those outliner properties. For a current market evaluation on your property, just call David at (714) 357-1422. THANKS!
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The Wilfert Group©
George & David Wilfert
+1 714 357 1422
The generated data is gathered from the SoCal Multiple Listing Service (MLS) and is deemed reliable but not guaranteed. This information should be used objectively as the foundation for your research. For more detailed community information or a Computerized Market Evaluation please contact us at the Wilfert Group.