Did you miss out on the $18,000 tax credit? That may have been a lucky break.
During the time that the government was offering the tax break, multiple offers and offers over the asking price were common place. Some buyers that qualified for FHA loans were making as many as 16 or 17 offers before they were successful at purchasing a home. As the deadline approached it was, almost like a ‘feeding frenzy’. Would the home they bought have been their choice in a different market? I doubt it, but many settled for what they could get.
The stronger the offer was, of course, the better the chance of prevailing. All cash was king and often the deciding factor. Offers requiring loans were often made above the asking price. The buyers may have gotten the home, but often felt as if they over paid.
Now that the market has returned to a normal Spring market pace, you may be able to get a better deal.
Because you won’t be competing with multiple offers and owners that refuse to even look at offers with FHA loans. The price on some great homes have been reduced and reduced again. Some, with a little sweat equity, would be excellent!
The ‘deals’ may be better today than a year ago! It’s a great time to buy a home call today for a free consultation with no obligation.