Hello Everyone. This market is really starting to blow my mind! Can you believe that RIGHT NOW there are multiple offers on Properties? You must being asking; "Well all I see on the news is how bad it is and it's going to get worse!" If that was true, nobody would be buying now. Depending on the price range you're at it that could be happening. The price range that we're seeing a lot of movement is below $600,000 - $700,000.
This is how it's happening:
•1. Short Sale and REO (Foreclosure) Properties are being priced low. This is causing a property to bid up anywhere from 5 to 30 offers in some areas.
•2. With the first time tax credit, FHA programs and low interest rates are big incentive of this movement.
•3. The 90 day foreclosure moratorium is keeping banks from foreclosing on distressed properties. What this means is inventory is going down. No foreclosures, no inventory.
Right now is when you need really look at Selling your current home or buying your new dream home. Call me to see how you can benefit in buying in a down market. Stay tuned for more.