How should a buyer approach the current housing market? Currently the lower ranges in many cities are actually experiencing increased competition. That holds true for most foreclosures and short sales. Also foreclosures have an expected market time of 1.22 months, which makes this a major sellers market. Multiple offers are the norm and most sell at their list price or for even more.
Short sales are different since many are remaining as active listings on the market when an acceptable written offer between may be waiting the lender's written approval . A short sale needs the banks approval to allow the seller to pay off less than the loan amount currently owed. This process can take anywhere from days to months. Buyers are quickly realizing that lower prices result in increased competition. Many home buyers are frustrated after competing and losing in their effort to secure a home so are turning to non-distressed sellers with equity in their homes. They usually end up with a home in better condition and typically will not have to compete with so many other buyers. However, if you do want a bargain you will have to be prequalified for a loan and prepared to move quickly.
This could be the perfect time to purchase for buyers that have a long range plan for living in their home. Even if housing values drop more in the short term, Orange County housing values-and particularly Irvine home values- have proven to be an excellent long term investment. With this in mind home buyers should look for the perfect home for their family and realize in time their "investment" will appreciate. Vist Mary Burke on my web site for current real estate listings in Irvine Ca.
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