Monday, June 29, 2009

Are homebuyers really pulling the strings?

Depends on what price range you are thinking about…. If it is $300,000 and up, than yes, the buyer probably still has the upper hand.

If it is $300,000 and less, then the seller has the prize possession that the buyers all want. The majority of homes in this price range are short sales and if there is a property for sale that the buyer can actually own next month (not a short sale that buyers have to wait for, and wait for and wait for…) then the house is the king and almost guaranteed to get multiple offers.

Bank owned properties are getting the lion’s share of multiple offers and dozens of offers coming in (within days) is not unusual. Offers of 25% over list price are further fueling the bidding wars.

Bottom line is this…if you find a property that is still available and has most of what you want, do not think about it…make an offer today, because tomorrow it may be gone.

If you want to know the “real” story about foreclosure and short sales, send us an e-mail at and we will e-mail you our latest version.