Ready, Willing and Able to Buy - But....
November 26, 2012
These are interesting days for anyone who has decided that now is the time to buy a home. First step seems to be to look on line and check out the properties that fit wants and needs. Then contact an agent to set up an appointment to visit the property. Oh, oh. The agent lets you know that the property has already entered escrow and is no longer available. The agent also suggests that you contact your lender and get a pre approval letter so that when you find the right property, you will be able to make an offer. Be sure that pre approval letter also contains your FICO scores as in today's market, sellers are requiring this document as part of an offer to purchase.
Prospective purchasers have discovered that there is a limited supply of properties on the market. They ask "Where are all those bank-owned properties?" "I thought that there was a glut of properties for sale." Maybe somewhere else, but not in Inland Southern California.
It has been a shock to some prospective purchasers that although they are ready, willing and able to buy a home, there are a very limited number of homes available.
As we enter the holiday season, this limited supply may not improve as many sellers will wait for the new year before putting their property up for sale. The best advice for buyers is to be patient, be prepared and act quickly if a property comes on the market. Or possible, re look at the properties that have not sold and have been on the market for some time. Perhaps this may be the time to submit an offer.
These are interesting days for anyone who has decided that now is the time to buy a home. First step seems to be to look on line and check out the properties that fit wants and needs. Then contact an agent to set up an appointment to visit the property. Oh, oh. The agent lets you know that the property has already entered escrow and is no longer available. The agent also suggests that you contact your lender and get a pre approval letter so that when you find the right property, you will be able to make an offer. Be sure that pre approval letter also contains your FICO scores as in today's market, sellers are requiring this document as part of an offer to purchase.
Prospective purchasers have discovered that there is a limited supply of properties on the market. They ask "Where are all those bank-owned properties?" "I thought that there was a glut of properties for sale." Maybe somewhere else, but not in Inland Southern California.
It has been a shock to some prospective purchasers that although they are ready, willing and able to buy a home, there are a very limited number of homes available.
As we enter the holiday season, this limited supply may not improve as many sellers will wait for the new year before putting their property up for sale. The best advice for buyers is to be patient, be prepared and act quickly if a property comes on the market. Or possible, re look at the properties that have not sold and have been on the market for some time. Perhaps this may be the time to submit an offer.
posted by shirley harry at 8:21 AM
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