It's been a few bumpy years in the real estate market with buyer's at an advantage. So it's no surprise that when the buyers competing in today's market find themselves in a multiple offer, they're a bit shocked. What does it mean? Well, it's a sign that that it's a smart move to be buying now!

What this also means is that with today's low interest rates and inventory going away, buyers must not get paralyzed analyzing every option or they'll miss out. With the first-time home buyer tax credit deadline fast approaching the market has really picked up and the next few weeks should be very busy ones getting properties into contract in order to close by November 30th. 

If you're reading this and you're a buyer, the future looks bright for your investment. While the housing market is far from being out of the doldrums, competitive (even discounted) prices, low mortgage rates and the buyer tax credit are giving the market momentum. In time, inventory will be eaten up and prices will again increase due to the principals of supply and demand.

This is an outstanding time to make a real estate estate purchase and because of that, it's important to be aggressive both in terms of timing and price to secure your home. With the clock ticking for the first-time home buyer tax credit, in the next few weeks you may find yourself competing with other buyers for a given property. If you're an FHA or VA buyer, you will be at a disadvantage competing against cash buyers and those offers where the buyer has with more cash invested since demands by the agencies that approve FHA and VA loans often require more from the Seller, including cash contributions and work orders that require repairs completed prior to closing. To win in a multiple offer, your terms must be attractive to the Seller -- that includes not only an attractive offer price, but shortened timelines for Financing and Inspection Contingencies, strong earnest money and a quick close (especially if the home is vacant). If you are an FHA or VA buyer, you may want to lower your search price maximum so you can afford to bid up on a property, yet stay with your loan pre-approval limits. If your price is attractive and the property is solid, a Seller may take the risk of going with FHA or VA in exchange for a "best price" for their home.

One last word of advice, align yourself with a great Realtor who can counsel and inform you of all your options and protect your interests. Good luck!

-- Ricklie Stone, Seattle Real Estate