Wondering what the market for home and condo foreclosures is like in Orcutt California? Here is your market snap shot answer:
There are 295 active and pending homes and condos in the Orcutt zip code of 93455. Of those 295 properties, 41 homes are foreclosures (13.8%) and 113 are short sales (38.3%). So currently, over 50% of the Orcutt market is either a bank owned property or a short sale. Average asking price overall was $337,392, asking prices for foreclosures was significantly lower at $256,678, and for short sales it was $269,678. Looking back six months, there have been 233 sales in Orcutt with an average listing price of $308,966 and an average selling price of $302,707. So sellers are getting about 97.9% of their asking prices in Orcutt indicating that there is some (but not a lot of) bargaining room for buyers in the Orcutt market. Average days on market were just shy of three months at 80 days and an average of $173 per square foot paid by buyers.
Of the 233 property sales in the past six months, 70 were bank owned properties (17.1%) and 55 were short sales (23.6%). So, 40% of the sold homes and condos in the Orcutt 93455 zip code were either a foreclosure or a distress sale. Looking at current listings, the average asking price ($337,392) is about 10% higher than the asking prices of homes that actually sold in Orcutt in the last 6 months ($308,966), which indicates either that buyer appetite is in the lower end of the market, or that they are simply ignoring higher priced listings.
The days on market for Orcutt foreclosures was much shorter at 45 days than the overall average of 80 days, and predictably short than the short sale average of a stunning 184 days. Selling prices for foreclosures ($251,725) are also much lower than the overall averages ($302,707) and short sales ($290,014), indicating that the best deals in Orcutt right now are in the foreclosure market. Across all categories sellers are getting about 98% of their asking price, also indicating that homes much be priced competitively in order to sell.
Wondering how to get the most for your home in a foreclosure driven market? Already tried to sell your home and failed? Call Mint Properties today for a consultation to get your home sold today. (805) 878-9879. If you are searching for foreclosures in the central coast area, feel free to search on my websites: www.iLoveOrcutt.com and www.SantaMariaRealEstateSearch.com
*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.
Pacific Crest is located in southwest Santa Maria, near the area referred to as Westgate Ranch. Liberty Elementary School is nestled in the community along with a nearby park and greenbelt. Building is still ongoing in the area with the addition of the gated Lavigna townhome community, and more upcoming development planned. Since Battles Road was built out to reach this area, Pacific Crest residents can shoot straight into downtown Santa Maria's shopping and restaurants. The development offers low HOA fees of about $150 per month and many truly deluxe floorplans and amenities.
Everyone in the Santa Maria and Lompoc housing marlet is talking about short sales these days. They love them, they hate them, they love to hate them, they. . . well you get the picture. There are a lot of opinions on them. One thing is for sure, if you are a short sale seller you should work with an experienced agent and obtain legal and tax advice before entering into a short sale arrangement. Short sales have significant financial, legal, tax, and credit consequences.