So you are right that most likely prices will keep rising.
True inventory is down but prices have stabilized somewhat. Most likely your best bet is to get going now. Holidays may provide a slight calm which by Spring will be over. +
Call me to start the search for that great home you are looking for
I live and love Petaluma and there is a home for you and your family! I am not discouraged by Multiple offers...I just assume my clients offer will be accepted and that has been the case.
Anyone looking to purchase a primary residence whether it is a first time purchase or move up home should not be too worried about any great opportunity in the future due to the banks or governments role. Again todays interest rates either balance out or far out weigh any drop in pricing which may or may not be coming.
If you want to move it's just a great time if you can find what you are looking for and then make a winning offer.
And No you do not need all cash to be competitive. The winning offer is not always the obvious one..it is the best one presented.
Lisa Lipps 707-794-3051
However, banks are still foreclosing as you can see by these California county maps: http://hofj.org/default.asp.pg-ForeclosureMapsCA. That means foreclosure "shadow" inventory is growing but being held back in reserve by the banks.
Specifically in Petaluma, another 185 homes are facing foreclosure auction in the next 3 months. Over the past 3 years, banks have been selling approx 11 foreclosures per month in Petaluma.
So what does the future look like? Either the banks will start listing foreclosures en masse again after the election forcing prices down, OR they will NOT list them, and instead sell their foreclosures in bulk to hedge funds (fronting bank money) shifting their real estate involvement from lender to corporate owner.
So home prices will either fall (if banks list reos en masse across the entire price spectrum), hold (so prices will behave as they are now by rising for prices below median, holding for prices at median, dropping for prices above median), or rise as huge numbers of homes are not listed and made available to the public but are sold below market prices to ultra-large investors (500-1000 homes sold in bulk at a time) turning our country and Petaluma, too, into a "renter nation" under corporate control.
IF we can join together to stop this monstrous bank theft of our real estate assets from the people, force banks to list their foreclosure inventory, and keep owners in their homes with appropriate loan modifications, then more assets and real sellers would enter the market, which would counteract the current short inventory and help stabilize prices and the transaction process.
In the meantime, don't give up hope. There are strategies your agent should be using to help you achieve your goal. cj email@example.com
I look forward to hearing from you.
It's a good life