Just as summer temperatures heat up in sections of the country, home sales in pockets of the nation are sizzling, too. That's great news for sellers, but is enough to make a potential buyer's stomach churn watching prices mount on a monthly basis.

So, if you are a buyer, it's more important than ever to be prepared and be ready to make an offer at a moment's notice.

That's especially crucial in a market like Arlington, where entry- and move-up homes are receiving multiple offers.

"Strong demand and low supply have been in effect for the last three years," said associate broker Casey O'Neal. "So far this year it has been typical to see more buyers looking than (there are) homes for sale. In the third quarter so far, inventory is still low and demand is strong."

California is also experiencing a dwindling inventory of homes and soaring prices.

"Just when I thought inventory could not get any lower, and prices any higher, it happens again," said Realtor Peter Tichinin, of Chico, located 90 miles north of Sacramento. "The seven-year average of homes on the market in July is 308. As of July 9, there were 130 homes on the market."

Across the country in Jacksonville, Fla., similar conditions exist.

"June 2002 was the craziest month ever in real estate in Jacksonville," said broker Dana Hancock. "Resales were selling in record time and getting top dollar. The title companies, lenders and most of us Realtors had our best month ever. Our market here in Jacksonville is still very healthy despite what we're hearing about the rest of the country."

So what's a buyer to do? For starters, you should:

Published: July 22, 2002

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