Today I am going to just give you a little background on the market, I recently saw a newspaper describe the market here as a buyers market (anyone who is trying to buy a home here - will nod at that one - not very fitting).
What is going on is this, we have LOTS of short sales, and as you may have heard, those can take some time. In reality, the homes you can bid on and purchase fast, are few and far between, the last one I put on the market, last 3 days and sold for a good price... So, what is the reality - well - there are only a handful of standard sales and bank owned sales, these would be the ones you can close on as fast as you can get your money in order... The rest, sit for a long time and make the numbers look like there are lots of homes with no buyers, when most of them have buyers, back up offers and are 2-3 months into negotiation.
Lets look at Vintage hills - 6 active properties... 1 is 5 days on (standard), 1 is 24 (standard) and one is 377 days (that's more than a year for the short sale). We have 12 home sitting pending, so these technically should be closing soon. And 4 in backup status... As you can tell, homes are going under contract fast, making this a sellers market - on the standard sales that is.
As a buyer, what can you do? Have a solid strategy, make sure you know the market (or at least that your agent does), understand how a competitive offer is put together.
For more information - feel free to give me a call. You can reach me here: (951) 595-7380 or you can send me a txt msg here too.
Enjoy your day - and happy hunting for that great house.
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