Short sales have become a resort to many property owners to avoid foreclosure. They are becoming more and more popular these days because of the choking economy we’re in. Even the mortgage holders (banks) are approving many short sales to avoid foreclosures consequences themselves. Because Laguna Beach’s houses are thought to have the highest median price among other California cities, many home owners had to short sell their properties because they couldn’t afford the huge mortgage on their houses. The median price for these homes has reached the $3.5 million mark. But it’s still around the $500.000 for short sales.

In the last months or so, there has been a noticeable decline in short sale listing. The reason for that is that many short sales are being sold, which means that new homes are coming into the listings. Earlier this year, there have been a lot of short sale listings presented in the market. Because people seeking homes couldn’t resist buying good properties for much reduced prices, many of them have considered dealing with short sellers. Although even with a short sale reduced price home, Laguna Beach properties are still considered a little high in price. But if you manage to find a good short sale agent, you could end up paying around $400.000 for a good house.

So we can say that short sales are declining because of the demand they have created for home buyers. If you want to get a property for a much reduced price than what it actually worth, you need to consider seeing a professional real estate agent who is specialized in short sales.