I'm tired of hearing how these places are such a "good bargain". They are not a good bargain, they are priced how they should be priced and everyone that is selling for higher will hopefully "get it" soon that they are still asking for too much money. The housing boom was only created because of the stated in-come loans and everyone went crazy thinking how much more they could buy while knowing they really couldn't afford it - it was completely artificial. There are still a ton of homes that will default and there will be lots more to chose from, so be paitent. Everyone is once again, getting on the band wagon. Once everyone realizes that is this a market correction and not just a temporary thing, it won't be so hard to find a home you want.

"Good" homes sell quickly. "Good" means priced right and presented right. The media reports on a national level. You may be looking in an area that is desirable and bucking the trend. The media constantly tells me how much new construction is not selling. In my area there is practically no new construction, so the statistic means nothing to me.

Hi Mike,

You are correct. In many areas in Orange County we are experiencing multiple offer situtations on most homes that are correctly priced for their condition & location. It should give you some level of comfort to know that other people find the type of home you are looking for (and will probably sell eventually) desirable. If you want the home, you will have to write your offer accordingly. There really is no other way around it unless you

The media uses general numbers that usually cover a large geographic area including Orange, Los Angeles, Riverside & San Bernadino Counties. These numbers make for bigger and better headlines so that you either buy their newspaper or click on the story so they can sell ad space for a higher amount based on traffic. The media does not specialize in Real Estate. They are journalists who cover "real estate" one day and weather the next.

Find a great agent who knows the inventory where you want to buy. (By knows, I mean, has been inside the homes in the neighborhood.) They will have the heads up on properties that will be coming onto the market before everyone else. You might be able to jump to the front of the line that way or you may want to considered trying for a short sale. The bank owned properties end up closing for about the same pricing as "regular" sales. Short sales require a lot of patience and although they will have multiple offers on them like other homes that are great deals, many times those buyers drop off during the 3-6 month waiting period for acceptance while the banks are negotiating the other liens and 2nds.

There are a lot of properties on the market right now, but unfortunately if it's a good deal, you're going to have to compete. Some sellers are more motivated than others and are pricing their properties to sell, in addition, there are many bank owned properties on the market and these are also priced to sell. I am running with buyers who are doing the same thing. Pre-approvals are required, so my suggestion to you is to have all your paperwork in order up front. Also, look for properties that are not bank owned (many buyers and investors are looking for bank owned only), check for "days on the market" - if a property has been on for a while, you'll have a better chance of avoiding competition. Good luck! Cynthia Fleming

Everybody knows the current housing market is tough and frustrating if you want to sell your property. Yet, there are many buyers out there, like you mention, despite all the negative news you hear. These buyers are concentrating on the nicer properties that are priced cheaper than the rest.

What most people don't know, is that it is just as tough and frustrating to buy a property in the current environment because buyers are competing for the same properties. Like some Real Estate Pros suggest here, make your offer for what is good for you, and if they take it good, and if not move on. Slowly but surely, more foreclosures will keep popping up, and this process, while slow and frustrating for everybody, will force the rest to come down.

Yes, the good homes get multiple offers and sell quickly; even in a buyer's market. Your agent can help you locate, evaluate, and make a competitive offer on a property that meets your criteria.

I know what you mean! Even though there are many homes for sale..the homes that are in Short-Sale and Foreclosure..or just priced great will have multiple offers on them. We have a unique market with Investors and First Time Homebuyers who are buying well priced properties as fast as they come on the market!
In answer to your question, I hope you are working with a really great buyer's agent..they will do all the legwork for you and help you to find property quickly.
Best of Luck to you!

This is a frustrating market for both buyers and agents. While there seem to be a lot of homes on the market, a large percentage (up to 60% in some areas) are either short sales or REOs (foreclosures.) Many of the agents who list the REOs are purposely under-pricing them in order to generate a lot of activity and create multiple offers. Then the lenders review the offers and tell the buyers to come back with "highest & best." It creates a lot of bad feelings because buyers feel that they have been taken advantage of.

Short sales are even more frustrating because many times the listing agent is not really qualified to deal with it, after becoming "certified" from attending a 3 hour class! Lenders are taking forever or longer to approve short sales, and less than 10% of them ever get approved. It's ok to write offers on them, but don't sit and wait for an answer - keep looking!

The best approach right now is to be patient, be approved for your financing, know the neighborhoods that you want, and offer what you will feel good about paying. Don't get into panic buying by thinking this is the last house that will be available to you. There WILL be another one that you like and that fits your needs and budget.

Good luck!

You need a knowledgeable, experienced agent with great connections in the area/neighborhood you want. You need a solid pre-approval letter from a reputable lender (mortgage broker letter may not be enough). Have documentation for your proof of funds. Pray, prepare and pursue what you need and want.

It sounds simple but if it was such an easy job people would be running into the RE field instead of running out of it.

As an ex television exec, I'll tell you that the market is not as dire as media folks want you to believe. Bad news and sensationalism generates ratings...which means more revenue to the station. Good news does not make it to air.

Hi mike,
Find a great agent like me. And I will do all the work for you free.
I will find you a home you love & is priced right. Thats my job. To
help you with your real estate needs! The media just loves to shock
you.

Mike I'm new school. There are oppurtunities for REO's before they hit the market. Not from a phone call but web based. Asset companies and banks use the web. When you find a home/REO have your agent run comps for you. I know about a few great buys in Orange if you don't have a agent Mike. How well do I know Orange? I'm Chapman Alumni.

Don't get into a bidding war, submit your best offer and if you don't get it move on to the next one. There will be another one. We are seeing alot of multiple offers, especially on the REO's (bank owned). You may want to look at short-sales, they are not getting as many offers as the REO properties. You will hear that short-sales take longer...but then you can keep driving around submitting offers on REO's for the next 2 months to. It sounds like you have submitted offers already, so I'm sure you know how important it is to be approved for financing before submitting an offer. Good luck and don't give up.

Mike,
Your experiencing the traditional "real estate season" and I would wait a few months or work with an agent who is more experienced if you want something now. I have REO agents calling me about there REO listings because I prepare my clients, pre-approve them for loans, and write clean offers. If you need some assistance, just call or email me and we can talk.

Joe Homs
949-625-4533
joe@joehoms.com

Two ways: (1) Get there first, or (2) Pursue properties that others aren't fighting over.

Get there first: Get a good Realtor who knows what you want. You're probably pursuing short sales and/or foreclosures? Some agents specialize in those. But recognize that not all short sales and REOs are great bargains. And some are intentionally priced low to spark bidding wars. So, you have to know the true value of such properties. And you have to get there quickly.

Pursue properties that others aren't fighting over: Look for good values, not the ones that are too good to be true. While everyone else is attracted to the "too good to be true" ones like moths to a flame, you just fly off in a different direction and find the good values that others are overlooking. And look for ones that aren't listed. Prospect in neighborhoods. Use word of mouth. Look for properties on the market as rentals, then make offers. You'll have little or no competition there.

So: Get there first, or pursue good values that others are overlooking.