Some hopeful homebuyers say they’re locked in brutal bidding wars for local homes, despite the down economy.
“There are three offers on [any] house the first day it goes on the market,” The high demand for homes has led to a high number of bidding wars, especially for first-time homebuyers looking in the $150,000 price range. “A lot of first-time homebuyers just keep getting overbid and overbid,”
Meaghan Harrington says she looked at 80 houses before having an offer accepted on a South Sacramento home in June.
“This is my sixth house that I put an offer in on,” Meaghan said. “I was continually outbid.”
Realtors credit the foreclosure moratorium which slowed down the number of bank-owned properties hitting the market, and some even say there’s evidence that banks are keeping properties off the market to drive up demand.
One of the biggest obstacles for buyers is investors who are able to outbid first-time buyers with full cash offers.
Realtors say the inventory will probably start going up over the next month or so because foreclosure filings in the last month were 50 percent higher than the same time last year.
Tags: Bank Owned properties, bidding wars, foreclosure, Foreclosures, Real Estate, REO properties, Sacramento, Sacramento bank owned properties, sacramento bee, Sacramento county, Sacramento REO's, Tyler Smith, Tyler Smith Realtor
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