It is amazing how our market continues to change. As the market began its correction it was no mans land. Then as prices started to tumble it became a buyers market. Once the buyers got out there and started buying as quickly as possible it became a false sellers market because of supply or lack thereof and demand. Now it feels as though it is changing one more time. Everyone is waiting with baited breath for the incoming long promised REO listings that are due to surface after the moratorium was lifted. In the meantime, pickins are slim out there! If something is priced right and it is in good condition, it usually sells within its first week on the market and with multiple bids and usually above asking. However, strategy wise, bidding higher and higher can come back to bite a buyer if the property doesn't appraise which in this declining market can happen more often than not. If you are dealing with a bank owned property, then there is a really good chance they will be realistic and reduce their price based on the appraisal. However, if it is privately held, they have a bottom line and if they cannot meet their bottom line by selling it at the appraised value they may choose to hold onto it and rent it or continue to live there. Lord knows that the banks are coming around finally and doing loan modifications these days to stop foreclosures from occuring. Take nothing for granted in this market and don't assume you have it all figured out because by tomorrow, it is going to change again.
Buyer Specialist, The Eagle Team. Main Street Realtors, Long Beach. Mother of 3 amazing daughters, author and child abuse advocate.
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