As reported by the California Association of REALTORS® in the below article, as is no surprise to many home shoppers, especially in such great locations as Newport Beach and Costa Mesa, prices are up, up, up. A full 25.1 percent February 2013 v. 2012 and a full 7.2 percent just from the previous month, according to the California Association of REALTORS®.
See the full article and data here:
While great news for sellers and property owners, this is horrible news for prospective buyers, frustrating a process already ripe with competition and low inventory.
What’s a buyer to do? 1) consult with your local lender immediately for an in-depth pre-approval. Only a genuine pre-approval is sufficient and in your best interests to assure affordability and steps necessary to actually close the loan, a far grander process than pre-approval. (see article on pre-approval here.) 2) Do a little research (like reading these articles). 3) Consult with your local REALTOR®. Ensure you have updated pre-approval letter(s), proof of your funds, FICO scores and some other documentation to make your offer stand out above the rest. Talk with your REALTOR® about getting creative on the offers (use someone knowledgable on local trends). Don’t get discouraged by the first few rejections, many buyers place multiple offers before finding the right property.
2901 West Coast Highway Suite 200
Newport Beach | California | 92663-4023