The deep recession that's gripped the U.S. economy by the throat since December 2007 is "very likely over at this point," Federal Reserve Chairman Ben Bernanke recently said. However, there is no way the economic recovery will show any significant pace in the coming months.
Speaking about the housing market, the Administration's tax incentive for first-time buyers is helping to boost sales, especially those of properties under $300k. Besides, many people have already calculated that in that price range it makes more sense to buy than to rent. As a result, we see multiple offers on properties in the first couple of days. Looks like people are in a rush to buy. Anything sells at this time - as long as it appraises...
So if you are prepared to lose $400-600 on an appraisal if the appraised value is less than the contract price and consequently you option to walk out of the contract, then go for it. Keep writing offers until you get a ratified contract. Hopefully, you will get it to settlement table. My advice is get preapproved before you start looking. It will save everybody time and ...mileage. Speaking about mileage, no doubt homes by a metro station sell much faster. Keep track of new listings every day. Need help? Call or email. You still have time to use the $8k tax refund.
Good luck!
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