Home prices in the current market are favorable to buyers because of the increase in foreclosures and short sales. However, the short sales and foreclosure home inventory are dwindling. Buyers are picking up these properties, especially in the low to median price range because they are really affordable. Many of the buyers have to be quick and aggressive with their offers to secure the property. Banks are pricing homes well below their value just to get a lot of activity and multiple offers on properties. Some contributing factors include Buyers trying to purchase properties before the First Time Homebuyers Tax Credit expires at the end of November.
Be aware, if you are a first time home buyer and you want to get that tax credit, get an offer accepted in October and close in Mid-November. Title companies are going to be bombarded with work during the end of the month of November and you might not be able to close by the end of month if you wait that long. Better be safe than sorry.
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Any buyer should ensure that he has the capacity to pay for a house. The seller must be sure that the buyer is qualified in purchasing before approving the offer. Conducting home inspection can also help if in case there are some minor problems in negotiating with the seller.
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