California’s real estate market continues to be heavily influenced by foreclosures, short sales, and REOs. In the month of February 56% of all sales in California involved some form of distress. In comparison Santa Barbara saw 29% of all their sales in February involving distress and in March the number has dropped to 19%.
Depending on where you live the number of distress vs. non-distress sales can vary drastically. Many buyers end up missing the mark by targeting only short sales, REOs and foreclosures to get the best deal. The majority of sales in Santa Barbara have shown that non-distressed sellers are pricing their properties well enough to outperform the number of distress sales they compete with.
Check with me on where the best values lie in Santa Barbara. Chances are it’s not a short sale, REO or foreclosure.