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.