Most housing prognosticators have forecasted a semblance of normalcy for the overall recovery in 2012. As the glut of good news continues, home buyers are stepping up in an effort to take advantage of great home values, before they start ticking up. The lure of historical low-interest rates have kept buyers focused on buying sooner than later. In many cases, there’s one important missing ingredient, where’s the houses. The dilemma for many buyers today are the minuscule number of properties to choose from. With such a long loan commitment, who can blame a buyer for waiting for the right home and not just accepting an undesirable second chose.
The unfortunate aspect with limited inventory and gobs of buyers are many of these prospects are interested in the same property. This scenario has created multiple bids on a number of homes. The quantity of homes will pickup as we move into the Spring and Summer months. The supply of buyers will also increase during what is considered the buying season, assuming interest rates do not escalate. More than likely we will continue having many buyers with the same good taste bidding on the same property.
Some homeowners that have hesitated selling for various reasons have filtered back to the market, with the goal of down sizing or purchasing a more spacious home. These owners have gotten wind of the upsurge in buyer activity and are taking advantage of the situation, along with the ridiculously low mortgage rates. For the last five or six years, sellers had no ability to call their own shots, buyers were in complete control. Sellers now have some sense they are in control of their own destiny.
The foreclosures and short sales will plaque the market for the next few years and many owners either can’t or won’t compete against those market-busting properties. Those under valued homes will probably keep many traditional sellers on the sidelines for the time being. Some markets with fewer distressed homes or short sales, like Davis, California have stabilized more quickly than our neighboring communities that have a majority of properties under-water or bank-owned. Buyers will continue battling other buyers for the same well priced homes and those sellers will be gratified for the clout they now possess. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs, join my professional networks on twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities.
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With the UC Davis Picnic Day falling on the warmest day of the year so far helped create a great atmosphere for the 98th annual celebration. Estimates had 75,000 people converging into Davis for the festivities. Things were rather quiet on the UCD campus throughout the day with sporadic problems reported and about two dozen citations handed out. The combination of alcohol and hot temperatures did put a damper on the days activities as night fall set in and the party shifted to downtown Davis. That’s when the excitement got started with too many young people drinking too much booze.
After years of negative headlines, many establishments, businesses, fraternities and sororities made a pledge called the Picnic Day Covenant to limit alcohol consumption. The covenant had little effect on the number of arrest that were on track to equal last years total, but citations appeared on the decline. Downtown probably felt like the wild west last night without the holsters and pistols. There were long lines that formed outside of bars waiting for wristbands that allowed them indoor access. One popular hotspot cleared out the restaurant and patio after the crowd exceeded it’s capacity. The manager stated “They were a lot more rowdy than we’d like”. Police were called when a fight broke out on the patio. The business opened back up within an hour.
Police Departments from Davis, Woodland, Winters and West Sacramento patrolled the streets by car and foot on Saturday evening, aggressively enforcing the open container law and attempting to keep an orderly constraint on the downtown streets. Even with the potential monetary loss, a number of downtown businesses thought outside the box and locked their doors for Picnic Day. Police also patrolled other heavily student populated sections of town in search of potential out of control parties. A couple of parties near campus where actually closed down due to disorderly obnoxious revelers. Outside of many Sunday morning hangovers and a few bruised egos from those that spent the evening in our local jail, there were no major injuries reported during the weekend jubilation. On the whole, this years Picnic Day was tame compared to years past. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blog, join my professional networks at Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and our surrounding communities.
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It might feel like it as a home buyer, but you have not signed your life away after putting your John Henry on the Real Estate Purchase Contract. Attorneys prepare these contracts with consumer protection in mind for both buyer and seller. Buyers are protected with numerous contingencies in place and sellers are guarded by the timely requirements stipulated in these agreements. By the time a buyer gets to the purchase contract phase, their loan status has been initiated to the point the lender feels comfortable enough to supply the buyer with a pre approval letter. This letter is a required necessity with the presentation of any purchase contract.
The California Residential Purchase Contract gives the buyer 17 days to thoroughly investigate the home. They can have as many inspections as they deem necessary during that period of time. A whole house inspection is an absolute must for any home, regardless of the age of the property. This inspector checks all of the components with a fine-tooth comb checking for any defects. A whole house inspector is a jack-of-all trades but a master of none, therefore they can call out a problem but can’t diagnose the issue. A professional in that field should thoroughly analyze the defect. A heat and air company would inspect the heater and air conditioner as an example. Any defects found can be negotiated between buyer and seller.
The lender has conditions that have to be met, probably the most important being the appraisal of the property. The majority of properties appraise at value, which puts the buyer one step closer to becoming a homeowner. The occasional home that does not appraise to value will require some concessions, normally by the homeowner. Buyers and their lender have to work expeditiously in getting the loan processed and finalized with the usual closing taking from 30 to 60 days.
The sellers have obligations and time restraints they have to meet. Any seller required repairs should be completed prior to close of escrow and in time for the buyer to perform a final walk-through verifying repairs were completed. All personal possessions not conveying with the property have to be removed and sellers are encouraged to have their property professionally cleaned at move out. With both parties following the rules of the contract can increase the chances of a win-win situation for all participants. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs, join my professional networks on Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities.
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