Friday, January 23, 2009

Surprise! The Market is HOT!

If you are a first time home-buyer, you better get prepared as the bottom end of the real estate market in the San Fernando Valley is hot and only getting hotter. Single family homes priced from $250,000 to $400,000 are selling quickly and in most cases with multiple offers.

With interest rates hovering at 5%, we can expect more buyers to enter the marketplace.

Waiting for a short sale to be approved is a lose-lose proposition for any home-buyer. You must continue to write offers on other short sale homes or you run the risk of never purchasing a home. It can take anywhere from 2-4 months for a short sale to be approved.

With new homes entering the marketplace every day, it doesn't make sense for anyone to sit and wait. The best bet is to write an offer on a bank owned home. The benefit of purchasing a bank owned home is that you'll know within a week if the home is yours or not.

If you owe more than your home is worth and are interested in selling, be sure you are working with a short sale specialist. I've seen many deals fall apart because the listing agent has no clue on what they are doing and this could cause the home to be foreclosed on and a lose-lose situation for everybody involved.

Written By: Richard Johnston, Rodeo Realty
Short Sale Specialist
http://www.shortsales.la/

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