22 Mar Get Ready! The Spring Market is in Bloom! by Carol Aprile
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Let’s talk REAL ESTATE. The last time the topic was how a SELLER prepares their home for sale. The online presentation is invaluable. It attracts buyers. Reminder: Pawling bulk pick-up is in April. Take advantage of this valuable resource to discard unwanted furniture, carpeting, etc. Start streamlining your home prior to listing for sale.
Now let’s talk about BUYERS being prepared to purchase a home. The market is still competitive with strong demand and relatively low housing inventory despite the current mortgage rates. A buyer should be prepared to make an offer knowing that there may be others competing for the same property.
A buyer should meet with a MORTGAGE BROKER/BANKER prior to starting their home search. Get qualified and know what is affordable at the current rates. A mortgage commitment letter, a pre-approval letter or proof of funds (if all cash) is a vital component of an offer. Without it, the offer is incomplete.
A qualified buyer can have a competitive edge. The financing package could include:
- a Buyer Advantage commitment letter rather than just a pre-approval letter. A big difference!
- a closing guarantee
- financing of the renovation for the purchased home.
- a 1% lower interest rate for the first year of ownership
I have worked with Paul Hart at Prosperity Home Mortgage who works with buyers to give them a competitive edge.
Next…research HOME INSPECTORS: their services/tests and fees. Have one or two inspectors lined up prior to making an offer. Don’t lose time choosing the inspector when other buyers are prepared to move ahead immediately. A buyer’s agent can suggest qualified inspectors.
The same applies for Real Estate ATTORNEYS. Don’t waste time AFTER receiving an accepted offer to find an attorney. Have an attorney lined up, so you can move the contract process ahead. Again, a buyer’s agent can suggest several qualified attorneys.
Be proactive, do research, be ready to make an offer that gives you a competitive edge combined with cost savings.
Finally, to all buyers and sellers: as of March 20th, there is a new New York State law requesting all sellers to complete a Property Condition Disclosure. The option for the seller to pay $500 at closing without the Property Condition Disclosure is no longer in effect. Clarifications or questions should be discussed with the Seller’s attorney.
The Spring Market is in bloom. Be prepared and proactive. I look forward to help navigate the process for both buyers & sellers.
