Despite the lifting of the Moratorium back in February, we have yet to see a steady release of REOs as Banks decide what to do next. Since supply has significantly fell & demand remains high, prices should continue upward due to buyer competition. Short sales continue to dominate the market as REO listings are few and far between.
With low supply & high demand, expect a lot of competition on desirable homes. Our advice to you: don't hesitate making an offer for more (sometimes significantly) than the list price if you really want the home. Also, being that supply is low and competition is high, FHA and VA loans will continue to have difficult times getting approval over conventional or cash offers.
If you're using an FHA or VA loan, you may have to compromise on the neighborhood or condition. But don't be discouraged - it's still worth it to buy now!
Comments(0)