HOME BUYING IN THIS TIGHT INVENTORY MARKET

Multiple offers are a common occurrence lately.  The good news for sellers is that homes are selling quickly and often at higher prices than asking.  The bad news is that there are many frustrated and disappointed prospective buyers and real estate agents.  The market has reached such a frenzied-state, that tactics unbecoming professionals are sometimes engaged to “win” regardless of the consequences to others involved in the transaction.

         

The fact of the matter is that demand exceeds supply and the most sought-after, well-appointed homes are snapped up as soon as they come on the market.  As a buyer, in such a marketplace there are alternate actions you may wish to consider to get to your goal of buying a home on the North Fork.  Here are some ideas:

           

           1. Be ready to act when you see your “almost” ideal home – Don’t wait for perfect! Have your ducks in order – financing pre-approval, proof of funds for cash and your attorney’s information.  And for heaven’s sake, keep it simple!  Act quickly - don’t take more than 24 hours to make your offer and respond quickly to counter offers. Don’t ask for concessions. don’t ask for price adjustments unless there is a significant defect that was not disclosed or was not obvious by visual inspection. 

           

           2. Lower your expectations –  not every home is in perfect condition and the ones that are will sell quickly and at a premium. Consider buying a home that needs updating. It may need a new kitchen and baths, but if it’s fundamentally a solid house and has been sitting on the market only because everyone is chasing the home with all the updates in place, go for it.  Get an idea of  renovation costs (over estimate the numbers if you’re not sure of what you really want to do) and make an offer. 

       

          3. Consider a “building” project - Buy a home that needs expansion or possibly a “tear down” or build on a vacant lot.  This is a more time intensive and possibly more expensive choice but assures you of having a home exactly to your liking and brand spanking new! 

Perhaps these options are not your ideal scenario. But different market situation require different courses of action to be successful. I think it was Albert Einstein who said, “no problem can be solved with the same level of consciousness that created it.”  We have come out of a real estate market that was depressed and took ten years to recover.  The past ways of doing business do not work now.  Time to change  – those who will succeed are the people who accept the change and come up with different solutions.  Call us at Beninati Associates, we help you find the right solution for  you in today’s market because we understand it and know what to do! 

   

           

Source: NAR, RISMedia Daily, August 1, 2017.

Looking to Buy or Sell your Home? Call us at 631-765-5333, or visit us on our website: beninatiassociates.com.  We listen, we care…….and we get results.