- Hire a local buyer’s agent who knows the market you’re interested in.
- Give details to that agent of your needs list, not your want list. They will be able to preview any new property for you just as soon as it becomes available, and sometimes prior to it hitting the market.
- Get pre-qualified or have a proof of funds letter in advance of your search. Your agent can put you in touch with local lenders or mortgage brokers.
- If your agent agrees with the asking price, offer full asking price.
- If your agent agrees, remove inspection contingency, instead you can have your agent recommend a local contractor who could come to the house with you.
- Ask your agent to find out what is the best time frame for the seller to close, and try to use that date as your closing date.
Today’s Real estate buyers need a plan and strategy in order to buy a home. Currently we are experiencing one the hottest seller’s markets that this area has ever seen. Buyers must be better prepared if they want to be successful in buying a home. First, you need an experienced agent who is on top of the market conditions and vigilant in looking everyday for you for new offerings. Once a new property appears, you should anticipate that you may be competing with other buyers. If your agent agrees that it’s a house worth seeing, get in as soon as possible. Have your pre-qualification or pre-approval documents already in place. Have your agent find out as much as possible about what is most important to the sellers. It is not always the highest selling price. It could be, for example, they will need more time to be able to move. The more information you have about their motivation, the better prepared you will be to make an attractive offer. Be prepared to provide a substantial earnest money deposit, this will give the sellers a further reason to see your level of interest. Minimize the number of requests you make of the seller. If you’re interested, express your willingness to purchase some of their personal items. After consulting with your agent and attorney, you may be willing to perhaps, remove some contingencies. Also, have your agent find out if there was to be a multiple offer situation, how will it be handled. This is often handled differently by many agencies. Being better prepared, can help increase you chance of success.
This last year has been like the wild west of our local Real Estate market. Residential inventory is at the lowest level in decades. Currently there are only 321 available homes for sale in the entire county. Buyers are scrambling to buy homes just as soon as they hit the market. In the last eight months, the median days on the market for new listings here in Columbia county was only 53 days. Buyers often have to compete with other buyers, and many times are needing to pay above the asking price to secure the home. Buyers should get themselves pre-approved before shopping, not just prequalified. This will allow your offer to stand out if you are in a competition. Also, I suggest buyers should be prepared to act quickly when they find a home that will work for them. Another sound idea, put aside your wants and concentrate on your needs instead. You can aways add those want items at a later date. If you are a seller, now is the time to be in the market when you will have less competition to deal with. Something else that has worked for some our sellers, is to price their homes very competitively, which sometimes leads to multiple offers and in turn can bring a price far above the asking price. The key to all of this is to be prepared, opportunities like this don’t happen very often.
With the arrival of the new vaccine, finally, we are seeing some signs that our lives may begin to return to some form of living as we once knew it. The impact of this virus will in some ways change our lives forever. Now living near our place of employment may no longer be the most important reason for us in choosing where we call home.
Affordable housing, more space, and living in less congested surroundings suddenly influences where and how we choose to live.
Lots of folks, who left the city during the height of the pandemic to go to their second homes found that living in the country has had lots of additional benefits. Some have already decided to make these homes their primary homes. Others are continuing to look for homes in the county. Lots of challenges remain, with local availability of residential homes at historically low levels at only 350 currently active on the market. Not knowing what our future will be, owning a home in the country sure sounds like a smart investment, and a safer option, for many of us who wonder what will come next.
-Charles “Chuck” Bartolo
With the current surge in home prices and the median price for a residential property now at the all-time high of $377,000, along with historically low interest rates and current residential inventory hitting the lowest level that I have ever recorded at 291, our market remains a sellers market in the new year. There are however some possibilities with a new administration impact our local Real Estate Market. A looming threat of continuing increases to our national debt could cause increases to our personal taxes. A sluggish economy could also see a reduction in the number of home buyers. What can savvy buyers be doing right now? Get pre-approved early, hire a good agent to do the leg work for you, and when you see a buying opportunity act quickly in order to avoid being put in a bidding war. If your a seller, get your home ready to go on the market now, don’t wait until spring. Price it correctly. Don’t wait, all markets can change very quickly. No market can continue to go up indefinitely. Good luck to all , and may 2021 be far better year for everyone.
With the current surge in home prices this year, the median price for a residential property is now at $333,500. This is far above what most people living here in Columbia County can afford. The result of this is that many first-time home buyers are having to put their plans to buy a home on hold. This will push the demand for rentals to a new level, thus pushing rental prices even higher. Investing in multi-family homes would be a wise move to consider. As mortgage rates remain at historical lows, banks are more willing to finance investment properties which also reduces their risks. Another option to explore if possible, is to live in one of the unit’s for at least one year, thereby being able to qualify for an FHA loan, as an owner occupied property. You also would benefit from the even lower mortgage rates, as well as smaller down payments. Under the right circumstances you may enjoy the additional benefit of living rent free, if there is sufficient income to cover your expenses. Owning Real Estate as part of your portfolio can provide some insulation against the possible uncertainty of the stock market. Good Luck in the new year!
People ask “How has the Pandemic changed the way consumers shop for Real Estate?” There is no doubt that the virus has effected all of our lives in so many ways. First and foremost, fear of contracting the virus remains for all of us, our most serious concern. Buyers, Sellers, and Real Estate professionals continue to follow the sound guidelines of the health experts. Fortunately, the internet has become an even greater vital tool for consumers to get all the information that they need as they begin their search. Lately, they have come to rely more on a local agents who can do all their leg work. They can preview potential homes, and make sound suggestions and recommendations. Also, as a result of so many people now being able to work remotely, there is no longer any urgency to live near one’s place of business. More and more people are making major lifestyle changes, including moving to areas like ours. As long as the virus continues to be a real threat, and social unrest becomes a looming concern, it appears to me that these trends will continue well into 2021.
I’m certain over the years you have heard the expression, “All Real Estate is local”, so what does it really mean? Well, to begin with what goes on in one part of the country or state doesn’t mean it’s happening everywhere else. Look at what has happened to our local market since this terrible pandemic fell upon our shores earlier this year. No one could have predicted just how bad things would become for all of us. So, here we are still struggling to get back to some form of normalcy. What we didn’t realize is that as conditions worsened in the metropolitan area, that folks would rush to the Hudson Valley to escape. Add to that the fact that companies and individuals learned quickly that working remotely was not only possible, but also very productive. What we are seeing is the single largest surge in Real Estate transactions and rising prices. All too common buyers are having to pay above the asking price in order to secure their safe haven. How long will this trend continue? No one can safely predict. As I have been advising many of our seller clients, if you were ever thinking of selling, do it now because there is no telling where this will all end up.