Sales are up again for June with 4,762 properties sold. This is a good sign that our market is in the first stages of the recovery. The buyers that have been sitting on the fence for the past year are starting to come out of the woodwork. If you are in the market for a home, your timing could not get much better. The prices continue to set record lows but I will tell you that the better properties are getting multiple offers. Multiple offers on properties will start the process of price increases. Supply and demand have always been a major factor that increases prices. Multiple offers mean that demand for the better properties is high and many of our buyers are offering more than the asking price. Don’t let this discourage you or make you think that if you pay more than the asking price, you are paying too much. The prices are ridiculously low and a lot of the homes on the market are selling for less than half of what people paid for them. Let your agent do the homework before you decide what to offer. Many of the bank owned foreclosures are listed at a lower than usual price to generate interest. The banks know full well that the home is worth more and are counting on buyers bidding up the price. This strategy seems to be working well and will be something that you need to be aware of if you are going to buy in this market. Here are a few other things to consider in your search for the perfect bargain.

• Bank foreclosures are “As Is” so be cautious.
• Get a good home inspector to completely check the structure. This is done during the due-diligence period.
• Just because the home has a low price doesn’t mean that it is a good deal.
• Get a pre-approval letter before you even start looking. You can’t make an offer without one.
• Get an agent that is willing to show you all the homes in your price range and criteria.
• Stay in the price range that your loan officer recommends. Don’t get “ house poor”.
• Have fun and don’t get greedy. Things could be worse, you could have bought 3 years ago.