Missed Opportunity ?
Recently, it seems that all the buyers have come out of the wood work….
We have been inundated with large groups at our open houses and receiving large amount of “sign calls” and inquires on our websites…
But the one thing that has not changed is fear…Depending on where the property is and the price range that it is in, there is a different strategy on how to make an offer. I think the public understands that the interest rates are great, and inventory has lessened, and buyers are hearing about multiple offers; but there is something that is preventing them to make a move. My advise: Work with your agent…let them help you understand… ask a lot of questions.
Just this week, I have encountered buyers who I met a few weeks ago, they saw this home in their price range, and have their financing in order, but they needed time to “think about it”. When they came back to reconsider the home, it was gone (in escrow with multiple offers). Had they written a couple of weeks ago it could have been theirs.
Don’t lose your opportunity. There are several ways to protect yourself from competition and allow you to participate in obtaining home with your price and terms.
Has The Market Already Changed? I Think So!
I have been working with some clients for the past few weeks. They have been pre-approved for a loan and we have been looking at many homes in hopes of finding them what they are looking for. We find a nice house in Pacifica, they write an offer that is over the listed price. I heard back from the listing agent today, informing me that there have been 20+ offers some of them coming in at about $100,000 over the listed price. Read more
What a Way to Get Your Down Payment!
More good news for prospective homebuyers! The following article is taken directly from the latest news came out of National Association of Realtors®.
Tax Credit Can Be Used for Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. Read more
Loan Program for Teachers in California
Calling all Teachers… Incase you didn’t know, CalSTRS is the California State Teachers Retirement Program that provides retirement related benefits to teachers in public schools and community colleges in California. Back in 1984 CalSTRS developed a home loan program which was designed for an additional option for home financing for it members and retirees. Giving its members and retirees additional mortgage loan options at competitive rates. This is a great option for you first time home buyers as it only requires a 3% down payment. You can compare this program with an FHA loan as it requires a 3.5% down payment. A big thank you to Dean Rizzi of Guarantee Mortgage for sharing this program with us. Click on the flyer for additional info and qualifications (Once you have clicked on the picture click once again to see a clear copy or to print out the flyer)
SSF Real Estate becoming a competitive sport…
Get on your boxing gloves and jump in the ring, but don’t wait for the bell to ring or you’ll be knocked out of the competition. In the past few weeks homes in SSF have been flying off the market. I have been working with first time home buyers for about a month now that desperately want to purchase a home in SSF. They are solid buyers that have excellent credit and a good down payment, however they keep getting beat out on properties by all cash offers. The two most recent homes they bid on had a tremendous amount of activity. One had 18 offers and the other had multiple offers within a few Read more
STIMULUS PACKAGE – WHAT IT MEANS TO BAY AREA HOMEBUYERS?
Our Broker posted a blog yesterday about “STIMULUS PACKAGE, WHAT REAL ESTATE PARTS MEAN?” Since I am currently working with a few prospective first-time homebuyers, I thought I’d picked their brain during my follow-up calls after the blog was posted. In particular, I asked them “if the stimulus package is finalized and homebuyers will get the benefit of the $8K tax credit, is that a good incentive for you to buy a house now?” Read more
Questions! Why so many questions?
You’ve decided to go out and jump into the home buying process. Good for you! You think, this will be fun…driving around neighborhoods, looking for homes, thinking about all the ways you’ll redecorate. What you might not think about is all the questions you are going to be asked and all the personal information you’ll be expected to share. I’ve had one client lament it would feel less vulnerable standing in a room full of strangers with their skivs on than laying out all the details of their life. But like many things, that which isn’t pleasant may still be good for us. Read more
Ratified or Terrified?
My first time home buyers became terrified when their offer ratified! They had submitted few offers on other properties and were overbid every time. Is it the market we’re in today? Is it not expected for the first offer to get accepted?
What has been your experience?
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