I have definitely noticed an upsurge of buyers at my listing at 1708 Fell St. unit 2 in S.F. I recently posted an entry in my Blog about a home in S.F. that received 41 offers, 20 of them over asking. When I was out on tour last Sunday looking at open homes in Pacifica I found the homes filled with eager buyers looking for deals. I believe the combination of lower pricing, available low interest rates and the stimulus package has unleashed buyers that have sitting back watching the market over the last year.
If this is a sign of the market rebounding then the bottom has already passed us by. As you know the news media is always reporting on doom and gloom however last night Channel 5 CBS news did a report on the signs of a rebound in S.F. If you missed it go to: Real Estate Rebound Video from CBS5.com
With the pick up in buyer activity there is also a pick up in lending activity. The good news is that if you have good credit and work history there are great loans to be had. The challenge is going to be getting a pre-approval in a timely matter. If you have already been recently pre-approved for a mortgage then you are in good shape to make offers. If you are not yet pre-approved and thinking of buying in the next two months then you must get pre-approved before offers can be made. I warn you, the paperwork and documentation needed is extensive; which is one of the reasons why it is taking longer to get pre-approvals now.
Please let me know if you have any questions or need recommendations for a good mortgage broker. Let’s go house hunting!
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