This New York REALTOR does a great job explaining what is and isn’t possible in what we consider a “buyer’s market.” Lori
But I thought this was a Buyer’s Market??? Well just what is a Buyer’s Market? I have been working with some people who are under the wrong impression about just what a Buyer’s Market means. It is important that you understand what a Buyer’s Market will get you and what it won’t.
A Buyer’s Market means that there are more houses available for you to look at. It gives you more choice.
A Buyer’s Market means that interest rates are low and you can afford more house than you could if interest rates were higher.
A Buyer’s Market means that a lot of the homes listed have very motivated owners who either need to sell or really want to sell.
A Buyer’s Market means it is a perfect time for you to find a new home, especially a first home, because you don’t have anything that you have to sell in order to buy.
A Buyer’s Market means that many of you may qualify for special tax credits being offered by the federal government and even some special state programs that can help you out. An extra $8000 can go a long way in home repairs and improvements needed during that first year in your new home.
Unfortunately A Buyer’s Market Does Not Mean ThatThey Are Giving Houses Away.This is the wrong impression many consumers are under. Most houses today are being listed at or close to market value. Mosts owners will not even look at an offer that is far below asking price and if you are serious about the property you need to make your initial offer a reasonable one. I might also add that you need avoid negotiation errors that may have you offering too much for the house. It can happen during the heat of discussions. Knowing the current market value is key!
Working with a Buyer’s Representative makes determining a value for the property much easier. Your Buyer’s Agent will prepare a market analysis on the property you are interested in. This will give you a picture of the market as it pertains specifically to that house in that location. You will see how long a property has been on the market, you will know what other similar properties are currently on the market and how much they are listed for, and most importantly you will learn what similar properties have recently sold for in the area of the house you wish to buy. It is important to understand that when you are presented with this professional evaluation of the current market value of the property you don’t believe that you can subtract $ for repairs and improvements. The Agent who has prepared the CMA for you has already taken those things into consideration when preparing it.
What not to do is to offer $30000 or so less than the market value prepared by your agent.
What not to do is look at homes too far above your affordability comfort zone in hopes you will find one that will take a lot less than asking price.
What not to do is to not mislead yourself or your Buyer’s Representative about you want and can afford. As your agent they are working hard to find and help you get the right property. If you don’t feel comfortable sharing your strategy with your own agent then perhaps you should look for a new agent.
So can you get a great deal in this market?????Absolutely but no no one is giving houses away.
If you are looking for a great house and a great price give me a call.I’m Paddy Pizappi – Work with Me and You’ll be Happy!
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Paddy Pizappi, Associate Broker for Buyer Representation
RJ Smith Realty – A Real Estate Solutions Company
Serving the Greater Hudson Valley of New York
from Pine Bush, NY at the corner of Orange, Ulster, and Sullivan Counties
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