Supply is very tight and will likely remain that way since most homeowners do not have the equity to move up.
In all depends on the price range, area and style of home you are looking for. It may also help to look at homes from a different view point. Which is being very clear on the lifestyle you are looking for and what the key factors are that you must have not want.
Once you are able to do this you will discover the house that is perfect for you will work out. After doing this for 30 yrs I see it happen all the time.
Be patient and it will work out. Happy house hunting !
Annette, I never said the investors were overpaying for a house, just frustrated they have been at it for months and are not giving us "small fish" a chance to own a home and make it our own.
The statistics tell a lot. For example, more than two-thirds of REO/bank-owned single family homes that closed in Pinellas County in the last 30 days sold for 100% or more of the asking price; indeed 41.7% sold for MORE than 100% of the list price.
A buyer using financing needs to be prepared in advance with a solid approval that overrides a lengthy waiting period for applying for the loan. In other words, the buyer who can make an offer saying he or she has already applied for the loan is on much stronger ground. Underscore your intent by making more than a token escrow.
Don't give up. There is a home out there for you.
2. Make sure your agent has you set up as an "ASAP" search in the MLS - which means you get an email notification the second a new property matching your criteria hits the market. You might get a lot of emails this way, but its better than missing out.
3. Go see that house RIGHT AWAY, bring your checkbook and have your agent bring a blank offer form and pull comparable recent sales in advance. This way if you love the house, you can write an offer on the spot.
4. It goes without saying but put as much down as you can to make your offer more attractive, and have a strong preapproval letter if you are financing, or a proof of funds.
Good luck! I went through the same thing when I bought my house 6 months ago - outbid on 2 homes and the 3rd was the charm!
Liane Jamason, REALTOR
Jamason Realty Group
Smith & Associates Real Estate
Do you really think these investors are OVERPAYING for a house?
That is HIGHLY unlikely.
When you make an offer to purchase a home, especially if the list price is "too good to be true', you MUST have a market analysis completed. This will allow you to determing the market value of the home. It is this number that investors are using. They are not misdirected by the list price. The list price is an advertising tool, much like the 'FREE iPad' for first visitor offers.
It is VERY possible to make your offers competive. This however requires knowledge, quick action, and removing the poision pills. Have a meet up with your agent, do the research and start packing.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl