Real estate, like death, has three lives … buyer’s market, seller’s market, and a balanced market. But which one can we count on to show up today?
Current wisdom says it’s a buyer’s market. This might be true because Moreno Valley currently has 11 months worth of unsold inventory. The most recent national figures show price declines unseen in the last 20 years!
But lurking in the shadows is a more balanced market. If you don’t count short sales (which rarely close), Moreno Valley currently has only 7 months of unsold inventory!
Prices in Moreno Valley are down about 42% from May of last year, but sales are up 128%! And both of those are largely because of bank owned foreclosures.
If you’re considering a real estate purchase you need to do your work up front to be competitive in the Moreno Valley real estate market. Here’s a short checklist for you to consider:
- Work with a reputable Lender to get what’s called Direct Underwriter (DU) Approval.
- Be prepared to submit proof of funds for your down payment.
- Consider writing an offer that includes 10 days for contingency removal (instead of the usual 17 days).
- If you’re putting more than 5% down, consider offering to bring it in to escrow after you remove contingencies, instead of waiting until the very end.
- Know what you want and be prepared to write offers as soon as possible. Waiting even an extra day can mean that you’ll face a multiple-offer/highest-and-best-counter situation.
- BONUS TIP! Write several offers to ensure that you get one of them.
I don’t claim to know everything. What’s worked for you in the past? Have any stories to share with us?