Buyer Alert ! The Race Is On!
July 30, 2012
I thought that our real estate market would see a turn around by fourth quarter 2012. However, I was wrong. Our real estate market is looking like it is making the turn around in third quarter 2012.
In the past month we have seen a scarcity of homes for sale and multiple buyers for each property that enters the market at a reasonable price and in decent condition. Buyers who are truly motivated to buy and agents who are watching the market are ready to act the moment a new listing appears in the multiple listing service. A day may be too long to wait before viewing the property. Amazingly, it will already be in either "pending" or "back-up" position.
If you are a serious buyer, here are a few tips:
1) Make sure your agent has phone numbers and an e mail address where you can be reached. Set an appoinment immediately.
2) Immediately find a lender, make your loan application and get a preapproval letter that essentially states that yu are preapproved for a loan only subject to appraisal and final review.
3) When making an offer, recognize that the seller amy receive other offers. Make your aoffer your very best shot.
4) It is possible that your offer may need to be over the list price so have your agent check the comprable sales. Since comparable sales may trail the market, you may have to assess how much the property is worth to you.
When the news media report that single family home sales are down they need to look behind the numbers. With so few properties listed for sale and sometimes up to sixteen offers being written on a single property, you have fifteen sales that could have taken place but cannot because there is nothing else to sell.
The race is on!
I thought that our real estate market would see a turn around by fourth quarter 2012. However, I was wrong. Our real estate market is looking like it is making the turn around in third quarter 2012.
In the past month we have seen a scarcity of homes for sale and multiple buyers for each property that enters the market at a reasonable price and in decent condition. Buyers who are truly motivated to buy and agents who are watching the market are ready to act the moment a new listing appears in the multiple listing service. A day may be too long to wait before viewing the property. Amazingly, it will already be in either "pending" or "back-up" position.
If you are a serious buyer, here are a few tips:
1) Make sure your agent has phone numbers and an e mail address where you can be reached. Set an appoinment immediately.
2) Immediately find a lender, make your loan application and get a preapproval letter that essentially states that yu are preapproved for a loan only subject to appraisal and final review.
3) When making an offer, recognize that the seller amy receive other offers. Make your aoffer your very best shot.
4) It is possible that your offer may need to be over the list price so have your agent check the comprable sales. Since comparable sales may trail the market, you may have to assess how much the property is worth to you.
When the news media report that single family home sales are down they need to look behind the numbers. With so few properties listed for sale and sometimes up to sixteen offers being written on a single property, you have fifteen sales that could have taken place but cannot because there is nothing else to sell.
The race is on!
posted by shirley harry at 8:23 AM
0 Comments:
Post a Comment
<< Home