Wondering what the market for home and condo foreclosures is like in Lompoc?* Here is your answer:
Providence Landing in Vandenberg Village, CA
Lompoc California foreclosure activity: There are 213 active and pending homes and condos in Lompoc currently. Of those 213 properties, 49 homes and condos are foreclosures and 80 are short sales. So, 60% of Lompoc inventory is either a bank owned property or a distress sale. The median asking price for an actively listed home is $245,000 with 68 days on market; for condos the median is $135,000 with 49 days on market. Looking back six months, there have been 227 sales in Lompoc with an average listing price of $235,353, and an average selling price of $234,060, so sellers are getting about 99.4% of their asking prices in Lompoc indicating that there is not much bargaining room for buyers in this market.
Median days on market for homes and condos that sold was about 20 days. So, much of the Lompoc market continues to move rapidly. Of the 227 properties sold, 197 were homes and 30 were condos; 86 were foreclosures (37.8%) and 46 were short sales (20%). The median selling price for a detached home was $225,000 with 21 days on market. For condos, the median was $119,900 with 18 days on market. Foreclosed homes (bank owned properties) in Lompoc sold for below the median selling price overall; they sold for $206,409 on average, but notably, they typically sold for over the average list price of $203,390. So, buyers are still (slightly) bidding up foreclosures in the Lompoc market. The average selling price for short sale homes ($266,545) was above the average price in Lompoc overall ($234,060) indicating that the higher end of the market in Lompoc may finally have begun relying on short sales at this point. Short sales are similarly closing for slightly over asking prices with an average of 115 days on market for homes and 121 days on market for short sale condos.
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.Lompoc-RealEstate.com and www.iLoveLompoc.com
*Based on the information from the Lompoc Valley Multiple Listing Service. Neither the Association, the MLS, nor 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.
Appraisal Fears. It appears that banks are beginning to fear appraisals. In the last two months, twice I had banks come back and make my buyer agree that they would stick with the offered purchase price even if the home did not appraise. Frankly, I think this stinks. Buyers are forced to bid up on popular properties, and now they must risk that if the appraisal doesn't come in, they will have to walk away from the property or pay the difference out of pocket. For buyers without a large pool of cash, this in effect will keep them from buying the property.
Finally! Those of you who read my blog recall my recent blog post on buying a foreclosure and not receiving your keys until the day after it closes. It appears that the Claifornia legislature has take a stab at the heart of the problem, which was the fact that buyers were not allwoed to pick their own excrow companies in these transactions. Banks would hire title and escrow companies to complete their foreclosure proceeding and when they turned around to sell the property as an REO, they would compel the buye to use that same title/escrow company to complete the purchase.
