If you listen to the media you have probably heard stories that there is a glut of properties on the market at this time. In some markets this may be well and true but the thing you must remember is Real Estate is local and not all areas are the same. If you are considering buying in Murrieta, Temecula, Menifee or the surrounding communities the inventory has shrunk to dramatically and we have many buyers looking for the best deals.
The choice you need to consider is how soon you want to move and are you ready to act quickly to make your offer. As we are in what has been traditionally been the buying season we are now seeing multiple offers on the best priced properties. People re getting frustrated when they find out they will be competing with other buyers but with the $8000 dollar first time buyers credit folks are taking advantage to achieve the dream of owning their own home.
If you are considering purchasing a Real Estate Owned (REO) Foreclosure be ready to act quickly. These homes are usually priced very well and receive multiple offers if marketed correctly. Making a low offer on one of these properties with in the first 30 days of being on the market is a total waste of time. On average they sell for more than the listing price when multiple offers are received.
On the other hand if you are not in a great hurry and can be patient you may want to look at Short Sale properties. In the case with these homes the seller is selling the property for less than is owed on the property and can be a great value for the buyer. The sale will be subject to the current lender accepting a lower payoff and it will take longer to get their approval than a normal sale. On average it will take 90 plus days to get an acceptance from the lender and to close escrow. Some go through faster but they are the exception.
Either way it is a good time to purchase a home and interest rates are at a historic low so buyers do have opportunities and options. Consider which option may be best for you then you need to have an experienced agent help you find the home that fits your needs. In both scenarios you need a Professional to represent you through the process and to protect your interest in the transaction.
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