Whether you're a 1st time home-buyer or an experienced investor, it is a difficult time to buy a home right now.Â Â Â It's a basic "Supply & Demand" issue.Â Â Â Homes that come on the market are getting multiple offers in the first couple of days and bidding wars are going on.Â Â I'm seeing this happen up to the $400,000 price range so its just not the entry level price ranges.
The best advice I can give is to be prepared
with your lender's pre-approval letter up to date and have a Realtor get you on a MLS "Auto-Prospector" daily search so you can react to new listings, back on market and price reductions quickly.
First Time Buyers can take advantage of some programs such as "First Look" by Fannie Mae on their website, www.homepath.com
where owner occupants have first chance at making offers the first 2 weeks the house is on the market.
Another tip is to take a closer look at the "Active short-sale" listings.Â Â Â I know short-sales can be tedious, but in this current market, waiting 2-3 months may be worth it.Â Â Have your Realtor see how many loans, which bank or banks are involved and in some cases, the list price may be approved already so you can get into escrow fairly quick.
If you have any questions, don't hesitate to contact me.
Code 3 Realty