Buyers looking to purchase in Valencia have been watching and waiting for the right opportunity to jump into the market hoping to capture a bargain, many have made the choice to do just that. Home prices have steadliy declined back to prices before the real estate boom, these homes may be regular listings, short sales, or bank owned properties.
This activity has sellers's experiencing mulitple offers. Many of the properties seeing offers presented to them over the list price. With this happening, many buyers are in competition for the same property, they are growing frustrated waiting to see if their offer is the lucky one to be choosen.
Short sale listings are being listed well below market value thus generating interest and multilple offers. With short sales though the bank is the one who sets the approved sale price. Just to get the bank to set an approved sale price could take months. With this time frame it has driven many buyers away from short sale listings, they need a home now not months from now.
With REO's (bank owned) the sale price has been predetermined and the home is sold "as is". You will need money to put new carpets in, paint, new landscaping due to the dead landscaping and costly repair expenses due to the home being trashed. These homes are also seeing multiple offers which drives the price up from the original list price.
At this point whether your buying or selling, anything could be a deal breaker or extend the close of escrow. There are so many factors that come into play when buying or selling a home. Financing being a major factor with strictor guidelines and most of the down payment assistance programs being phased out in October.
As a buyer in Santa Clarita I encourage patients, be persistant, and work with a skilled real estate agent that is giving you all the details of a listing before you put an offer in. Be prepared in many cases to counter offer or decide to move onto the next property.