Where is the bottom for Home Prices in Ladera Ranch?
The bottom of the market may have already happened in Ladera Ranch home prices.
Inventory is going down because when you factor in the number of homes that can actually close escrow because they are an equity sale of a foreclosure sale, you won’t find that many homes that are available to buy in 30 days. Because of that, the trend is heading up for prices. No one really knows when the bottom of the market will hit. No bell will ring to tell you it is time to start buying. Interest Rates are extremely low and there is a pent up demand for people who have been waiting for the market to hit bottom. As of today there are only 81 homes for sale in Ladera Ranch, CA which is a community of over 6000 residences. In addition there are 161 homes in a Backup or Pending status of escrow. There is less than a 3 month supply of inventory and it’s looking like the competition is heating up for the spring season. These statistics are from the Local MLS CARETS listings.
If the inventory continues to decline as short sales are sitting waiting for approval then it will create a lower number of homes that can actually be purchased. I was working with buyers from Seattle that had to move and when we couldn’t really close on a short sale home that Mr. loved, we switched our search to “only homes that could close in 30 days”, which included equity and bank owned homes in Ladera Ranch. Once we did, we found a house immediately, the couple closed in 30 days and they now love that home! Short sales can take months to close if they close at all. If all the people that need to buy cannot close on short sales as they wait a bank approval that can take months, they will only be able to select homes from a much smaller pool of available homes. This is now creating bidding wars with multiple offers. And when we have multipleoffers, it forces the sale prices up for homes in Ladera Ranch and he bell has rung! You will then say, when did that happen?
Thinking about a short sale? I can help you short sale your Ladera Ranch property and get back on your feet. Send me an e-mail at arna@ehomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.
Arna Freedman, a Real Estate Broker at Homes of California, helps buyers and sellers in Ladera Ranch and other Orange County cities.
Phone: (949) 244-0444. arna@ehomes.com.
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Arna Freedman specializes in loan modification assistance and short sales in Ladera Ranch California.
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