How many short sales exist in Long Beach

Why should anyone care about how many short sales exist in Long Beach? It is important to know how many short sales around available because they can turn into REO (Bank Owned Properties) if banks decide(or owners decide) not to cooperate in the short sale process.

What kind of inventory does Long Beach have?

For display purposes we broke up the inventory into 3 different categories.

We decided that in this market there were several types of inventory that people want to know about. In truth these kinds of inventory exist in any market there are just more of them right now.

We broke the inventory into:

• Regular Sellers (no bank approval and not banks)
• Lender Owned (REO, Bank Owned)
• Short Sale (needing bank approval prior to sale completing)

These three types of inventory represent different market segments and attract different buyers. So how many of each type exist in Long Beach? Well let's take a look at our graph and see what we have.

• 405 Short Sale Properties
• 216 Bank Owned Properties
• 951 Standard sellers

So the market is not all doom and gloom but these are some numbers that we want to look at in a little more detail especially the short sale number as it has the long term possibility of being part of the bank owned market.

• 25.7% of the market is currently short sales
• 13.7% of the market is REO or bank owned
• 60.04% of the market is a regular seller

Looking at this we have a potential of almost an REO market that is almost 38% of the total market if banks don't work out short sales with their clients in need of assistance. The real story is that 60.04% of the market is regular sellers. In fact regular sellers have an advantage in this market because they can advertise (or their real estate professional can) that they are not a short sale and not owned by a bank.

Sellers are able to sell their properties and compete with the banks. It is important to note that sellers are competing on two items with the banks:

• Price
• Condition

If sellers are pricing their home at or below the bank owned properties and are in superior condition they are getting multiple offers on their properties and enjoying a short time on the market.

Check out what is happening in your Long Beach neighborhood by filling out the market snap shot form in the right and seeing what your home is worth and everything that is going on.

Related Posts

• Short Sales in Long Beach are 26.6% of the market
• Mortgage Relief Act
• Top 10 Foreclosure Avoidance Tips
  

1572 - total active residential




405 - short sales




216 - REO