Buyers Should Consider Jumping in Now... the Bottom is Here!

Housing prices have bottomed out; and in fact, they have risen approximately 8 % since January. In North San Diego County homes, it is typical for the sales price to exceed the list price. In homes listed for $300k or under, there are usually multiple offers in the first 48 hours. Many desperate buyers, especially FHA and VA buyers, are tempted to offer way up over the asking price in an effort to beat out other offers. However, this negotiating tactic is backfiring on those same buyers. More and more banks are requiring that the buyer show proof of funds that they can and will be able to pay the difference between the appraised value and their offer amount. Your agent should know how to strengthen your offer to give you an advantage over the other buyers that won't backfire on you.

Manuevering through this maze of changing rules and face paced real estate transactions can be daunting. You NEED and DESERVE a professional, full time, Realtor who will be your guide.

If you're hearing that giant clock ticking, it's marking the end of the First Time Homebuyer Tax Credit. One other note of urgency, the buzz is that lending is tightening once more. There's talk that FHA buyers will soon need 5% down payment instead of the current 3.5%. That will price many more homebuyers out of the market.

While I normally don't want to push anyone into the huge decision of home purchase, it does seem as if NOW is the time to jump in to take full advantage of all this great real estate market offers you! Call me today if you would like to talk further.