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Many Home Buyers are having a hard time finding homes.

By
Real Estate Agent with The Janos Group / Real Estate Affiliates Services, Inc.

Good Morning Everyone,

I just wanted to take a moment and give you all an update on what is currently happening in the market today.  The last two months have been a bit frustrating in the real estate market for Realtors and Buyers.

As many of you buyers can see in your property searches, there has been many Sold and Pending homes which is good for Sellers, but, the number of new listings has dropped dramatically in the last few months, which is bad for Buyers.  The last two weeks especially.  I am not sure why that is unless it is because of the Holiday.  Normally Holidays are slow the week before and the week after.  Hopefully it will pick up this week and we will get more new listings. 

The bad thing is most homes priced below $150,000 are selling in multiple offers.  I do not mean 2 or 3 offers per property... They are going with 15 or more offers per property.

Last week we lost an offer that I wrote $25k over asking price and we were still not the highest offer.  There were 22 offers plus ours on this property.  This can be frustrating for me and for our home buyers.

Just to give you an idea... We have written 19 offers last month many over asking price, and all were bank owned properties, and we only won 2 of those offers.  The frustrating thing is that many of the good bank owned properties are sold prior to coming on the MLS and many still in multiple offers from investors coming in with Cash offers.

What does this mean for you as a home buyer?  It means if you find a house you like we need to act on it right away and get our offer submitted and we need to write our best offer the first time because we are not getting a chance to do so later. 

We work for you so if you want to still try and get a good deal on a home and submit a low offer that is fine with us as our job is to keep you happy (and get invited to your house warming party), but I want you know that low offers are having a hard time getting accepted in multiple offers.

Also go back in your search results and look at some of the properties that have been on the market a while.  Some of these are still going in multiple offers but the ones that are not can still be taken with lower offers and the banks are dropping the prices on them.

The good thing is that rumor has it, that there is supposed to be two more waves of Foreclosure properties hitting the market over the summer so we will get more homes to look at.

I wish I had better news for you all but please keep looking and try not to get to frustrated if you can't find a house or if you have submitted offers and lost.  You WILL eventually find the right house for you, it just may take longer then planned.

 

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