The housing market is heating up just in time for summer. With inventory low and buyers on the prowl, some local real estate markets are seeing a lot of competition. And a lot of competition means a lot of offers on the best homes in a good neighborhood at the right price. If you’re looking at one of those homes, you can guess that you’re not alone. You may find yourself in a bidding war.
Because lenders are so cautious these days, prospective home mortgage borrowers are sometimes required to provide not only the previous two years+ of tax returns, but also the most current year, even if that mean you have to file early and get the IRS to look at your return and confirm it before the tax year ends.
With bidding getting crazy, your buyer’s agent is key in keeping things sane—and winning the house of your dreams. Today we show you 2 hot markets: California’s Silicon Valley and Portland, OR. Realtors® in each area discuss their roles when inventory gets low and bidding gets crazy. We’ll come back with insight from other parts of the country--where real estate agents in our Texas and Massachusetts territories report on how they're helpnig clients succeed in an increasingly competetive market--in Part 2 of this series.
News of the nation’s low inventory of homes for sale is everywhere, as are reports of the return of a corresponding competitive buyer pool.
Happy (almost) Mother’s Day!
Today, we have a DIY post inspired by mothers everywhere: a DIY vanity. I’m not implying that mothers are vain or even spend more than two minutes in front of the mirror on any given hectic morning. I know that my mother hardly had the time. But if she did get to spend a few minutes of quiet, getting ready for her day, I’d want her to have a place to do so that is as beautiful as she is!
For the Mom who is practical, tasteful and always classy
The national attention on low inventory tends to focus on buyers: how fewer homes on the market affect buyers, and how home buyer behavior changes in response. We’ve heard of the return of the multiple offer, a phenomenon almost as mythical in these difficult real estate times as the sighting of a unicorn. But it seems that across the country, low inventory is creating that kind of magic on the real estate market. Our focus here: how the magic affects sellers.
We looked for houses for several weeks, this in the heart of Portland’s winter, so that should tell you how intrepid we were, and how awesome our agent, who would meet us seemingly anytime we wanted, to unlock the door to our potential new home.
Having trouble getting a loan from a bank? Or perhaps you are a potential home buyer with non-traditional income (freelance, small business owner, and new job income are among the most common). Even if you’re a fairly “normal” new buyer, you want to know all your options when it comes to a home mortgage. Perhaps you should visit your local credit union to discuss your home buying goals to find out if this kind of organization can offer you help your bank can’t.
Cinco de Mayo is tomorrow, and you may be hosting a festive party or at least kicking back and enjoying some margaritas and tacos. This week's DIY feature is packed with projects for an outdoor get-together that's sure to please. Even if you don't have time for these this weekend, these are great ideas to brighten up your outdoor space for the coming summer months!
Start with a pergola...
