The reality of our La Crescenta real estate market is that short sales and foreclosures comprise a sizeable chunk of our home sales; in fact last month these distressed sales accounted for 57% of the La Crescenta  real estate market. There are 253 real estate agents with a La Crescenta business address and last month 7 homes sold. 


 
What does that mean for La Crescenta home sellers and buyers? 

Many homebuyers are making down payments of 20% and they don’t typically have the funds remaining for remodeling and fixing.   As people who are losing their home don’t often keep up with routine home maintenance short sales usually have more deferred maintenance than standard sales.  And with foreclosures, the lender often does a cheap rehab or the home is in distressed condition. 


In our current real estate market, homes in move in condition command a premium.   Note that the average price for standard sales is substantially higher than for the short sales and foreclosures.  Also note that the percentage of selling price to list price is 101.64% standard sales and just 95.83% for foreclosures.

These are the facts and once armed with the facts both home buyers and sellers can make informed decisions.  If you have real estate questions, remember I am only a phone call or email away.