The San Francisco peninsula has always been a choose for many people living in the Bay Area. The Peninsula supports some of the highest price neighborhoods and is a desirable place for all to live. Our current market positions are very encouraging. Believe it or not it's turning into a seller's market. Why do I say that you may ask: San Mateo County's housing inventory is low. In many cases the inventory is only 1-3 months worth. A balanced market where it is not a buyer's market or seller's market is an inventory of six months. A second issue supporting the seller's market is multiple offers on homes below $700K. This has made it very hard for first time buyers to purchase their home, but you can prepare yourself for this market.
•1. If the property is a great deal, others are going to think the same way. It's good to realize that others may view it the same way.
•2. If you want the property "put your best foot forward". I am not saying increase the offer to what you can afford, but look at the property and evaluate the worth. Make your offer solid and watch for the little things that may cloud your offer. Your Realtor can help with this.
•3. Have a pre-approval for a loan prior to making the offer. The pre-approval is not mandatory but with investors and heavy cash buyers competing against the first time buyers you have to be ready.
•4. Remember the federal tax credit for first time buyers. Close of escrow has to be done prior to end of November because the offer expires soon.. ......Consult your tax advisor on the details.
If you are ready to buy: Create your plan and work with your Realtor to develop the plan of execution. If you haven't picked a Realtor, I am here to discuss your plan.
Have a great day!
Jim
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