Do You Give Up Easily?
Are you the kind of person who gets frustrated quickly?
Do you give up easily?
I hope not, if you are a buyer, especially a first time buyer, in this market.
In our area there is a ton of competition, with multiple bids on most homes in the lower price ranges (e.g., under $500K), and in particular for short sales and REOs. What this can mean is that you may not get the house you want because you get outbid by someone else. There are more and more cash buyers out there, especially investors, and banks often prefer cash deals over financed ones.
- Because of the nature of this market, many of you may have to make more than one offer in order to finally get a home, and this can be frustrating. Plus it takes time.
- The other issue is that in many areas the inventory is not increasing, so there are not a lot of homes to choose from that fit the budget, and the ones on the market often need a lot of work or for other reasons are not very desirable.
However, with the low rates we currently have, and the opportunity to take advantage of the First Time Buyer Credit, buying a home now can be a terrific opportunity for many of you. But try not to let yourself get too frustrated, and BE PERSISTENT. A savvy local REALTOR can be your best defense.
All content copyright © 2010 Jeff Dowler “The California Relocation Dude”