Barry and Sara Bussiere

I don't think any buyer wants to pay more than market price for a property in Huntington Beach or anywhere else. What is happening now, and not just in Huntington Beach, but all over Southern California, is that with low interest rates, and reduced prices many buyers see this as their chance to own a home. Unfortunately, right now most of the listings are either short sales or foreclosures. Because of the lack of a quick response from the banks on these properties, it provides a long window for many offers, and therefore a "bidding war".

There is also a perception by many buyers that these short sales and foreclosures are somehow a better deal that buying from a "regular" seller. This is not always the case.

Most of this action seems to be in the "lower " priced properties those that would fall within the conventional and FHA loan limits.

Once all these short sales and foreclosures are no longer available, I think you will see us return to a more "normal" market. However, without these foreclosures and short sales, there is not much other inventory for sale, and therefore if interest rates stay low there may still be more buyers than listings and prices may tend to increase.

If you are trying to buy right now, as many buyers are, do not be discouraged. It is an excellent time to buy, and money is available at very affordable prices. I know it is frustrating when you find a house you want and get out bid. But hang in there, new properties come on the market everyday, and I am sure you will find one soon.

If you have any questions, please feel free to call 714-422-7637

Sincerely,

Barry Bussiere - Mon Aug 10 2009, 09:09