Bidding Wars Have Returned to the Housing Market – Irvine Real Estate : Homes for sale in Irvine

by Robert Mack on November 27, 2010

in Buyers, Latest News, Sellers

Bidding Wars Have Returned to the Housing Market

Housing Market

The market has started to recover as would-be homeowners have started to compete for homes in a number of well-to-do and low-priced neighborhoods. According to Tara-Nicholle Nelson of Trulia.com, prices have increased people who are buying for the first time are enthusiastic about benefiting from low mortgage rates and low costs.

Moreover, numerous residences are being sold at prices before the economic crisis including homes which were initially sold at a four percent discount are selling five percent over the market price. And even as homes in depressed cities in the US are being sold nine percent higher than the market price, these are actually good deals since its half its highest original selling price.

The competition for the homes has prodded buyers to make a bigger offer  if they find a house they like. According to Jake McCabe, this is a similar situation prior to the financial crisis which will potentially be devastating when homeowners spend too much

via planetinsane.com for the complete article!

Great article that discusses how we are seeing more and more multiple offer situations and higher competition for the homes in great neighborhoods. Interest rates are historically low and the overall cost of home ownership is hasn’t been this affordable in over 40 years! Are you waiting for the market to get better or do you see the huge opportunity NOW?

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