Hello!
Lately I've noticed a slow down in short sales getting approved and new REO listings. Inventory has decreased in the Thousand Oaks area with the attractive agressively priced homes less than $600,000 selling quite fast sometimes with multiple offers. Based on what I've learned it seems like there is a build up of inventory that will be hitting the market first quarter...kind of like a dam filling up. The new listings combined with the drop in interest rates should stimulate more buying activity. As a result, I recommend that investors and buyers do the following:
- Get pre-approved now. Provide all documentation to your loan officer so that the loan is ready to go. Today's loan process can be a bit tricky so avoid surprises and get in a strong position for negotiating.
- Meet with your real estate professional to determine buying criteria.
- Study the market: look online, drive by homes and start looking with your realtor so that you recognize a good deal when you see one.
If what you like is not available now, there's a good chance it will be in a couple months. Be ready to act. The market will probably start moving and a quicker pace and fast sound decisions will need to be made.
-Andrea
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