Beltran Properties

Home sales firming up (from the mercury news 5/22/09) Bay area median prices looking more stable,...

This is a very inspiring article for our economy, but I have been saying it for a long time. We in the industry can spot trends locally and faster than most reporters, because we are in the industry deeper than most anaylists. 

What this really means is our inventory of homes for sale has decreased, and the competition for available ones will be stiff. For example, in a local high end market, there were at least 10 homes for sale as either bank owned or short sale at a very reduced price. Currently there are only 2 left , and the other sales occurred within the last 2 weeks.

Unless you intend to pay cash, you need to have a "pre-approval" ready to include with your offer. This is quite different from a "pre-qual" as the lender has researched your credit in depth and is ready to loan you a specific amount, pending the selection of the home and the subsequent appraisal. 

If you are waiting for the market to "bottom" you are too late, but there is still hope for that great deal. Interest rates are still very low, and if you act soon, before the rates increase (and they will because of supply and demand) you still will get a "deal" because the property will begin to appreciate in value.