Local Expert.
Giving you inside help!
Do it with Confidence
Beautiful new homes in Ulster County come on the market daily, and many are sold before they’ve been advertised. Your agent is a key player who knows the local market and the value of any given home in relation to others listed for sale. Buying a home is a team effort, and I’ll help you find a home and write up an offer that reflects local market conditions, the condition of the home, and seller motivations, which can help reduce the costs of buying.
What can a buyer agent do?
When the market is competitive and requires applications, financial disclosures,
and fast-moving listings, agents can be an invaluable resource.
Winning Over the Seller
Your home is likely to be the biggest financial investment you will ever make. By working with a professional who knows the market and has established relationships, you can make the wisest investment decision. Collaborating with an expert can give you every opportunity to succeed in your investment.
Money and terms are the two most important aspects of real estate transactions. However, buying a house is an emotional decision, and sellers want to know that the buyers are passionate about their home. In order to sway the seller’s decision in a bidding war, a buyer may choose to write a personal letter of interest to the seller explaining why they are interested in purchasing their home. In some cases, this personal connection could give the buyer an advantage over other potential buyers.
7 tips for buying in a seller’s market
In a hot housing market, you’ll need an edge over other buyers. Here are seven strategies to make your offer stand out in a seller’s market.
- Work with me: Navigating a seller’s market can be tricky, but you don’t have to do it alone. A great real estate agent can provide a wealth of knowledge about the home-buying process, give you expanded search power, handle bidding wars, and negotiate on your behalf.
- Get pre-approved: Your homebuying journey starts with getting pre-approved. In fact, most sellers won’t even entertain an offer without a pre-approval letter. It signals that you’re a serious buyer, demonstrates your creditworthiness, and saves you time so that you can close fast. Bottom line: Mortgage pre-approval is part of making a strong offer, which is crucial in a competitive housing market.
- Make a clean offer: A contingency is a clause that homebuyers include when making an offer on a home that allows them to back out of the contract if certain conditions are not met. A clean, no-contingency offer refers to a purchase agreement with as few terms or contingencies as possible, making your offer stronger in the seller’s eyes. If you’re considering making a non-contingent offer, we’ll discuss every avenue before committing.
- Offer above asking price: Besides keeping your contingencies in check, another component of the offer can help you stand out – the offer price. In a competitive market, experts recommend offering 1% to 3% above the asking price; however, the right amount will differ in every case. The best thing you can do is set your budget ahead of time so you know how much you can afford to offer and when to walk away.
- Put down a strong earnest money deposit (EMD): Also known as a good faith deposit, earnest money is a deposit made to the seller to show you’re serious about buying. On average, EMDs are between 1% and 3% of the property’s purchase price, but they can be as high as 10% for highly competitive properties. A strong earnest money deposit shows the seller that you’re serious about your offer and gives you a leg up on the competition.
- Make a larger down payment: Along with earnest money, offering to put more money down is another sign of good faith to the seller. If you’re able to afford a larger down payment, it can showcase that you’re in a strong financial position and capable of meeting all financial obligations.
- Make a cash offer: In a hot housing market, making an all-cash offer can improve your chances of winning the bid. It will make your offer stand out to a seller who wants to quickly finalize the deal. Of course, many of us can’t afford an all-cash offer, but it allows buyers to avoid the extra fees and interest that come with getting a mortgage loan.
Always make your offer stand out.
There’s a lot to consider and moving through the market with an expert makes it easier and fun.
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