To Find a Good Deal: Time is Running Out.......

No one knows yet if the $8,000 federal tax credit will be extended. But one thing is certain:
Short-sale and REO inventory is decreasing in the Bay Area.

This morning the SF Chronicle reported that "Theresa Marquez of Re/Max Accord in Castro Valley did an analysis showing that ultra-cheap inventory ... have averaged about 27 a month this year.... but right now there are just 9 properties listed for sale at less than $60,000. 'We have less supply and more demand for these houses' she said."

What does this mean for first-time homebuyers?
Answer: Time is of the essence!

REO (or bank-owned) properties are taking about 45 days to close; and short sales take about 60-90 days to close escrow.

So if you're interested in pursuing one of these types of properties you should consider putting in an offer immediately!!