Why People Are Selling

by Mark Buford on March 8, 2010

in Foreclosure,Sellers,Short Sell,Sunnyvale

Damaged Merchandise

Data compiled by the California Association Of Realtors (CAR) shows that 80% of the people interviewed who sold a home in California in 2009 did so because of financial difficulties (Fig 1). To try to understand how this translates locally, Sellers of Sunnyvale Real Estate had % REO or short sell as the reason for selling their  single family homes or condo/townhomes  in 2009. This data was taken from mlslistings.com.

2009 Primary Reason For Selling

Figure 1: Primary Reason California Sellers Sold in 2009

Sunnyvale Sales % Cum %
REO 115 13% 13%
Short Sell 102 11% 24%
Auction 1 0% 24%
Court Rqd 7 1% 25%
Court May Be 7 1% 26%
Normal 670 74% 100%
Total 902

Chart 1: Breakdown of Financial Condition of Homeowners that Sold in Sunnyvale in 2009

So this is now, What was When?

Back in the old days, 2007 and beyond, what percent of homes were sold for distressed reasons? 0%. So why did people sell then? Mostly for a larger home or better location (80%). How many sold for that reason in 2009? 3% (See Fig 2). Well that sands of time are sure shifting.

2009 Historical Reason For Selling

Figure 2: Reasons people in California have historically sold

Sunnyvale Home Search Sunnyvale Home Values

Post by Mark Buford

Mark has written 37 articles.

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