I know this seems to fly in the face of what everyone believes right now, but this is NOT a buyer's market...it is really a seller's market. In a buyer's market, the buyer can wheel and deal because the seller doesn't have any other options than to consider their offer. As you well know, this is certainly not the case. I know it seems odd to say that since so many people have lost their equity and are threatened with foreclosure; the truth of the matter is that people think it is a buyer's market because the current price of real estate has fallen so far below what it was worth 4-5 years ago that EVERYTHING is a great deal right now. If you are in a position to buy right now, you know what a great deal you are getting IF you can actually get the deal! Here in the Antelope Valley it is quite common to see homes sell at a higher price than listed.
As far as your question goes, nobody really knows what July will bring. I can tell you that it has been my experience that July is a slow market because many people are on vacation and are not actively looking to buy. It usually begins to pick up again after school starts, but that can always change...and it is really anybody's guess.
One thing I can say for sure is that the month of April is going to be highly competitive because of the tax credit expiration AND because of the new HAMP/HAFA guidelines effective April 5th.
I can also tell you that I have been successfully closing short sales since February, 2007, and that I am suddenly seeing an increased rise in the amount of Notice of Trustee's Sales (foreclosure auction notices) that are being filed. I deal primarily with short sales and have several listings in process of negotiation...I have been spending the last 4-5 weeks postponing foreclosures, which is something I haven't had to do on a regular basis since early 2008. There is alot of movement right now, and it is anybody's guess to see where we finally land.
I would highly recommend that you continue your search because this is a crazy market and crazy things can (and will) happen!
Michele M. Hunt, GRI, CRS, SFR, CDRS
Short Sale and Foreclosure Resource, Certified Default Resolution Specialist-Gold Member
1998 REALTOR of the Year
Realty Executives Platinum