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New York home buyers smoothly escape the competitive market
Buying a home has become a challenging task as the number of home buyers is increasing in the mortgage market. In the New York mortgage market, the property listing that is currently on the market is paving the path for a bidding brawl. This may aggravate the problem along with the stress of investing a fortune on a new home. Most of the homebuyers in the city of New York are frantically looking for homes in a seller’s market. Well, it does not mean that you need to pay more on the property than it’s worth.
Here are some of the effective points that you need to consider when you plan to buy property in New York when the inventory is low:
1. Good faith deposit:
When you’re planning to buy home in New York but do not have enough inventory, you can offer a good faith deposit. This is a sum of money you provide to the seller when you make an offer on a property. Therefore, the good faith deposit can ensure the seller that you’re serious about your offer. Remember, property closing may take time to close before the deal is sealed. You can hold the seller if you offer more earnest money. It can help to influence the seller to consider your offer on favorable light.
2. Flexible during negotiation:
You need to be more flexible when you’re negotiating with the seller. In this tough housing market, if you’re little more flexible, the seller can appreciate your effort. You need to know that closing costs and home inspection costs can help you to make or break a deal. Therefore, you need to be cautious when you’re actually making an offer. You need to be careful when the seller sets his requirement criteria. Make sure you qualify the eligibility criteria set by the seller to get the best deal.
3. Approach an experienced real estate agent:
Make sure you approach an experienced real estate broker. He can guide you through the buying and selling process to help you get the best deal. An experienced real estate agent can help in the transaction process every month. In most of the cases, these agents work without charging from their clients. These agents can help you get the best New York home price. As a result, you can take out less home mortgage loans if your home price is low.
4. Acquire information when then new properties are listed:
If you acquire more information, then it can help you evaluate the competitive market. When you acquire more information on the properties, you can effortlessly make an offer before competitive bidders arrive. Therefore, if you check online then you can manage to get latest updates on the property listing in New York.
Therefore, you need to keep the above mentioned points in mind when you plan to buy home in competitive New York market.
1557 Parker Blvd Tonawanda, NY Open House Sunday 5/19 1-3
Open House Sunday May 19th from 1-3
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Budget Friendly Homes For Sale
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If you are looking for a WNY Realtor to help you find your new home!
I invite you to contact me. I am a Licensed Realtor in Western New York with HUNT Real Estate ERA. I can show you homes across Western New York that fit the criteria of your dream home. To get started searching for your new home from the comfort of your living room, fill out your search criteria in the quick search box to the right or visit our New Home Search page. Feel free to email me or text! I look forward to hear from you!
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Real Estate Closing Process
So you have found your dream home and you got a great deal on it, now what?
These are the steps for a real estate purchase:
1.) Attorney’s Approval
After you have a signed contract for your purchase, your realtor will send the contract to your attorney to get an attorney approval. Attorney approval is where the attorney will look over the contract and make sure there is nothing wrong with the contract and make sure you understand what you are agreeing to. The attorney will have 3 days to give attorney approval.
2.) Home Inspection
If you have agreed to perform a home inspection with a licensed home inspector, this will have to be done within 7 days of contract. Some contracts may ask for home inspection to be done in 3 days etc. This is all on what you, as the buyer, and the seller agree upon. You may also ask for no home inspection to be preformed.
If your home inspector has found problems with the house, ex. roof, HVAC, electrical, plumbing, this is when you can ask the seller to fix the problem or give a credit. This is something that you will be able to negotiate on the price. If you aren’t comfortable with the repairs that are needed you may also cancel the contract at this point. You may also find nothing wrong with the house and begin to move forward to step 3.
3.) Apply For Your Mortgage
After you have contract, attorney’s approval and performed a home inspection, (if you asked for one) then you can apply for your mortgage with your mortgage company. You will have 5 days to apply from home inspection.
4.) Home Appraisal
At this point the closing process is in the hands of your attorney, realtor, and your mortgage provider. The Mortgage provider will send out an appraisal company to give a value on the property and make sure that they aren’t investing into something that is not worth your purchase price. They will perform the appraisal by finding local comps (homes that have sold) in the area and comparing them to the house you are purchasing. If the home doesn’t appraise for the amount that you are purchasing it for, you may have to come up with the difference or renegotiate the price.
5.) Mortgage Commitment
The mortgage commitment is usually due within 45 days from the date on your contract. The mortgage commitment is a document saying that you have been approved for the mortgage at a certain rate, what your down payment will be, what your monthly payment will be etc. Once you have a mortgage commitment the attorney’s will start scheduling the closing and collecting the documents to make sure you can close on your closing date.
6.) Final Walk Through
Once the attorney’s have given you the clear to close, the realtors will schedule a final walk through. This is usually preformed 1-2 days before your closing day. At the final walk through you will want to inspect the house and make sure that repairs from home inspection report were preformed. Also make sure that no damage has been done to the house and that the seller has left any appliances or items you have asked for in the contract.
The process is done and you now can close on your home. This process is best handled when you are working with a professional realtor.
If you are looking for a WNY Realtor to help you find your new home!
I invite you to contact me. I am a Licensed Realtor in Western New York with HUNT Real Estate ERA. I can show you homes across Western New York that fit the criteria of your dream home. To get started searching for your new home from the comfort of your living room, fill out your search criteria in the quick search box to the right or visit our New Home Search page. Feel free to email me or text!
Featured Homes For Sale in Erie County
Home Buying: What is Seller’s Concessions?
When buying a home it can seem overwhelming. You have to think of how much money you will need to save for your down payment. Saving money to purchase your first home can be hard to do. Many people would rather keep on renting, than try to come up with thousands of dollars for a down payment. Seller’s concession can help you with your down payment.
Here is how seller’s concessions works: suppose you agree to a purchase price with the seller of a house at $100,000. You then will ask the seller for a 3% seller concession. You can ask up to 6% seller’s concessions depending on the type of loan you will use. What this does is adds on 3% to the price of the house. That’s right, you’re now going to mortgage $103,000 for the house, but the seller is going to give you that $3,000 back at closing and they only get the $100,000. Now with that $3,000 seller’s concession, you will use that for your closing cost. Seller’s concessions are commonly done and have no burden on the seller. Interest rates are so low, many people are adding in sellers concessions. What you do have to consider is if you purchase the house at a high price and add sellers concessions you might risk the house to not appraise for your final purchase price. It is best to ask your realtor if he/she will see this being a problem. They should show you comps of what has sold in the neighborhood so that you have a good idea of what you are paying for.
Are you just starting the home buying process? The first thing to do is contact a realtor to help you along with the process. They will get you connected with a mortgage company to get you approved for your mortgage. I typically use HUNT Mortgage because they can give you the best rate guarantee. Check out their website here HUNT Mortgage.
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If you are looking for a WNY Realtor to help you find your new home!
I invite you to contact me. I am a Licensed Realtor in Western New York with HUNT Real Estate ERA. I can show you homes across Western New York that fit the criteria of your dream home. To get started searching for your new home from the comfort of your living room, fill out your search criteria in the quick search box to the right or visit our New Home Search page. Feel free to email me or text!
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Great Starter homes in Tonawanda, NY
Tonawanda, NY Real Estate Market Update.
Spring is here in WNY and the real estate market is heating up. If you are a first time home buyer and are looking to buy a home, then consider buying a home in Tonawanda, NY. As a first time home buyer your budget may be in the ball park of $100,000-$160,000. Below are a number of homes for sale in this area. In the Town of Tonawanda, you will see more affordable taxes with average size square footage.
If you are looking for a WNY Realtor to help you find your new home!
I invite you to contact me. I am a Licensed Realtor in Western New York with HUNT Real Estate ERA. I can show you homes across Western New York that fit the criteria of your dream home. To get started searching for your new home from the comfort of your living room, fill out your search criteria in the quick search box to the right or visit our New Home Search page. Feel free to email me or text!
Here are some current listing is Tonawanda:
New Listing 1557 Parker Blvd. in Tonawanda
If you are interested in an affordable starter home in a great area. Then this house here on Parker Blvd is for you. Charming maintenance free 4 bedroom, 1.5 bath Cape w/loads of updates. Architectural roof, baths, kitchen, 2nd floor features 2 bedrooms and half bath that has room to add a walk in shower. Pergo floors in upstairs hallway, all newer windows, new sump pump and terrific finished basement, with bar area. Fenced yard. 1.5 detached garage. Tastefully decorated. Convenient location. Easy to show.
This home would make an excellent starter home for a first time home buyer or small family looking for a home to accommodate their growing family.
Contact me today for a private showings.
Details:
Address: 1557 Parker Blvd. Tonawanda, NY 14150
Sq. Ft.: 1547
Bedrooms: 4
Bathrooms: 1.5
You can read the full listing here:
If you are looking for a WNY Realtor to help you find your new home!
I invite you to contact me. I am a licensed Realtor in Western New York with HUNT Real Estate ERA. I can show you homes across Western New York that fit the criteria of your dream home. To get started searching for your new home from the comfort of your living room, fill out your search criteria in the quick search box to the right or visit our New Home Search page. Feel free to email me or text!
For Sale: 11 Wickham Drive, Amherst, NY
For sale is this three bedroom, three bathroom split level in the beautiful Village Green neighborhood in Amherst, NY.
Top Things to Look for When Buying a New Home
There are plenty of options that one can seek in a home, and knowing what you want is going to make the real estate purchase easier. You know how many bedrooms you want, if you want a garage or not, how big your backyard should be, etc. However, these aren’t the most important aspects of a home that you need to be on the lookout for. Here are the top things to look for in a home. (more…)
The Buffalo/Niagara Real Estate Market – Springtime
Spring is here and the spring real estate market is heating up. We finally broke the cold weather in April and leaving the snow till next fall. In February we saw record pending sales figures and I guarantee in March we will see the more volume. It is my experience locally that homes are selling fast – typically within the first two offers that are made. The inventory of homes for sale is low and the market is flooded with buyers, it is definitely a seller’s market here in Buffalo, New York. I have seen it many of times over the past few months where homes have garnered multiple offers and end up selling within a couple of days – and that was during the traditionally slower winter months. All signs are indicating that we are in for a good spring for selling a home. (more…)
Robert Measer
Robert Measer is a Licensed Real Estate Salesperson with HUNT Real Estate in Amherst, NY. He specializes in properties across WNY. Stay in Touch
