We have entered a very popular time of the year for moving as school will soon end and many sellers and buyers consider relocating or upgrading even downsizing. It's a great time to purchase a home as interest rates remain low (currently 4.75% FHA financing on qualified buyers) and home prices in Merced and Atwater remain affordable. A snap shot into our market reveals that currently we have approximately 352 homes listed for sale in Merced (277) and Atwater (75). Area inventory is around 2 ½ months and homes priced well are receiving offers during the first few days. For buyers looking for a deal this means moving fast usually the same day a home is listed because if you wait you'll find multiple offers have been made on the property. Another challenge buyer's face is investors paying cash for homes. Cash offers are very attractive to banks as the home can close in 10 days instead of 30 or 45 days. Cash offers also mean no loan or appraisal is necessary to purchase the home. There is less risk of the home falling out of escrow with cash offers. Despite these challenges the good news is that we have homes for buyers!
There are programs available for homebuyers that include 0% down on properties. Plus on some bank owned homes (REO) there is a "first look" program available where during the first 7 or 10 days only home occupied offers will be accepted (no investors).
With the Median price in Merced for the homes currently listed at $135,900 it's a great time to be searching for a home. Merced currently has more than 75 homes listed under $100,000. New inventory is listed daily and with many sellers looking to move on during the summer months we are hopeful to see even more inventory. Short sales are not taking as long to go through (average is more toward 60 days down from the old 4 month plus time frame).
Do you need to sell your home? We have buyers looking to purchase homes throughout the Merced and Atwater area. As part of the London Properties family there are connections to plenty of first time homebuyers and investors looking for homes. Even if you're behind on payments or if your home is worth less than what you currently owe we can help you move on! We walk you through the short sale process making things as easy as possible. Have us provide you with a short sale information packet to help you understand the options and foreclosure alternatives.
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