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Current home owners are the group contributing most right now to the monthly increase in existing home sales.
They are an especially big factor in the uptick in mid-price home sales. Additionally, they are reducing the national inventory of unsold homes, according to the National Association of Realtors.
First-time buyers are playing a role in allowing homeowners to move up to larger or more expensive homes. When first-timers buy an existing home, the owners are free to trade up.
It's a great move for both buyer and seller. The first-time buyers can take advantage of the $8,000 tax credit program that can help subsidize the purchase.---but hurry, November 30 will come and go, and there are no guarantees this incentive will continue. Meanwhile, homeowners moving up have many choices in homes, some of which are priced well the selling price a few years ago---
Multiple offers
The bargains are not so cut-and-dry. If the home is in a good neighborhood and is a good value, it could
draw multiple offers. Title service companies say one in 10 such homes draw multiple offers at this time, as opposed to one in 30 last fall.
Multiple bids usually indicate a market in which prices are rising and buyers outnumber
sellers. Right now, however, most properties that receive multiple bids are distressed or foreclosed homes on which buyers are competing while still looking for a bargain.
Bidders need help
But, bargain hunters beware! Bargain hunters may not always understand the true value of a property. They could end up saddled with one that has been poorly cared for or even deliberately damaged. Experts recommend that, especially in the current market, buyers should enlist the help of a licensed real estate agent to evaluate properties. As a real estate agent, I can make important recommendations, arrange for inspections, and guide you, the buyer, through the entire buying and financing process.
With an agent's help, a successful and trouble-free purchase can be arranged.
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