If you have been looking for a home anytime within the last 2 years, you realize that the market prices are probably the lowest in recent years. What happens after the tax credit and first time buyer incentives are gone?
First of all let’s consider the final days of April, is there still time to have a contract in place before the 30th? There is time, the key is to have your lender and financing in place, a letter of qualification is needed for all contracts submitted to the short sale or bank owned handlers. Next, realize that most home prices are probably at bottom line. Don’t waist time trying to under bid or low ball at this point. Doing so will add to days to the approval if it is accepted at all. Then move fast and watch your timelines. Have a realtor that you can depend to work full time.
Now we know there are still lots of homes to come on the market in the future as short sales and bank repossessions. The fed has indicated that interest rates will likely hold for at least a while. It will take some time for the inventories of homes on market to come down. Prices will probably bottom out and begin a slow climb out.
Bottom line, take action now, don’t sit on the fence, have professionals working for you that know how the process works and home ownership will still be the American Dream.
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