Home sellers in the starter home price range are enjoying a brief sellers market as first time home buyers who waited until the last minute to make offers on homes now find themselves bidding against other first time home buyers who also waited thinking home prices would continue to decline.
First time home buyers must close their home purchases by November 30th to qualify for the $8K first time home buyer tax credit.
The week before last one of my listings received 4 offers. Even after the contract was signed, yet another buyer insisted on seeing the home so he could make a backup offer in case the sale didn’t go through. Yesterday another listing received 2 offers. In both cases my sellers asked the buyers to present their highest and best offers which dramatically increased the offers. One woman increased her initial “firm” offer by $30K on a home priced less than $200K!
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- FHA first time buyers risk missing $8K tax credit deadline!
- Be Wary of Dual Agency with Your REALTOR®
- Multiple Offers Can Happen When a Home has Been on the Market for Months
- Closing Date Flexibility Can Strengthen Your Offer
