Investors and first time homebuyers are busy snatching up the good deals! If you've been in the market place looking for that first place to call home, you are well aware of the battles going on in the field. Multiple offers within days of the listing coming on the market. Offers well over list price. And surprisingly, many all cash offers to compete with.
Due to this feeding frenzy, some inventory is actually dwindling. Less and less foreclosures on the market, shortsales getting sold, and a few desparate conventional homeowners that have to move and are sucking it up and putting their homes on the market at severly reduced prices.
Why the bank owned homes for sale are dwindling maybe to due to the fact the banks are holding onto inventory for loan modifications. But whatever the reason, if you are a first time homebuyer don't delay. Things can change radically in a day!
Discount Real Estate Brokers, Sellers List for 4.0% Total Details @ www.movetosocal.com
Thursday, June 18, 2009
Wednesday, June 17, 2009
Some Markets are Stabilizing
Attention Buyers! Before you know it, the bottom is going to hit, and actually turn around before you've gotten off the fence. Four months ago you could buy a property in South Orange County for $220,000. Now if you can find that price you will be competing with 20 other buyers, and believe me it will be bid up.
Now if you want to buy without having to outbid the other guy, you have to be looking at homes in the $550,000 plus range. Everything under that price is getting multiple offers within days of being on the market. So neighborhoods with properties from $550,000 down have actually stabilized, and due to multiple offers in some areas are actually going up.
And, what could kill you more are rising interest rates. There have been windows of opportunity with rates under 5%. A 1% rate increase can increase your mortgage payments a couple hundred dollars.
So when agents tell you the market is hot! To make a strong offer, and may even suggest above list price, it is because they know what it takes to get a property under $550,000. So take heed and listen before it's too late and you're kicking yourself for being overly cautious.
Now if you want to buy without having to outbid the other guy, you have to be looking at homes in the $550,000 plus range. Everything under that price is getting multiple offers within days of being on the market. So neighborhoods with properties from $550,000 down have actually stabilized, and due to multiple offers in some areas are actually going up.
And, what could kill you more are rising interest rates. There have been windows of opportunity with rates under 5%. A 1% rate increase can increase your mortgage payments a couple hundred dollars.
So when agents tell you the market is hot! To make a strong offer, and may even suggest above list price, it is because they know what it takes to get a property under $550,000. So take heed and listen before it's too late and you're kicking yourself for being overly cautious.
Subscribe to:
Posts (Atom)