The market has picked up considerably in my area. I am running into multiple offers on properties and shorter days on the market overall. Inventory is shrinking and it appears that if 2012 is going to be a banner year for sales. Even signs of all new subdivisions are going in. Some by DR Horton and others, but they are selling. The demand for these new homes is up. In fact, I have seen prices on the same product rise by over $20,000 in just 3 months time. It is always about supply and demand.
Serious buyers come to me with their preapproval letter already in hand or a letter from their banker showing that they have the cash funds available to make their purchase. In almost all cases, one of the two mentioned forms of proof must be presented at time of offer. I cannot in many cases even submit an offer without one of these verifications.
Why would I want to work with a buyer anyway without first prequalifying or showing me the money? I mean a home is the biggest purchase of one’s life. I remember trying to get a new car recently and I had to apply for a loan. I remember filling out an application for a credit card. So why bulk when your Realtor makes you take this extra step in prequalifying before they show you homes. As a buyer’s agent, it is imperative that I am only showing you homes that you can afford and are within your budget. Showing you other homes that you can’t afford is a waste of everyone’s time.
If you are looking for a deal in this market, now is the best time to buy. Inventory is stable, but decreasing. Prices are steady, but beginning to rise. Interest rates are still incredibly low. I work with buyers saving them time, money, hassles, and helping them to avoid costly mistakes.
I look forward to your business in 2012.