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:
http://www.car.org/newsstand/newsreleases/2013releases/febsales 

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.

-Devin Lucas