Home inventory may be down right now in the Hudson Valley but don’t let that stop you from searching for your dream home. To accommodate for the low inventory, you need to make a few changes to the way you shop. The methods used in a buyers’ market are very different than those used in one where the seller has just a little more control. So, here are a few things you need to do to ensure you are successful in your search.
1. Don’t Go Too Low on Your Opening Offer
Sure, you’re on a budget and want to get the house you need within those parameters. Remember, the seller has a loan to pay off and needs to get the equity from their home. Are you one of those people that like to give a low ball offer to see where the seller stands? There is a one in a million chance they might take that low number, right? Well, in some markets that might work. In this area, you need to put your best offer in first. You don’t want to lose a great house because you bid too low. Decide what you would really be willing to pay for that home. Write your offer for that amount.
2. Don't Think Too Long and Too Hard
Buying a home is a big decision, so you want to make sure you make the right move. However, many buyers are waiting too long to make their best deal. In the Hudson Valley, sellers are getting multiple offers in the first few days on the market. If you take a couple days to think about things, you may lose out on the house of your dreams. Now, that doesn't mean that you should just run and purchase a home without applying the proper thought, it just means that you need to learn to weigh the odds quickly and make informed decisions. The quicker you make your decision, the sooner you can lock in a deal on a great home.
3. Work With a Qualified (and Local) Ulster County Real Estate Agent
Buyers working with a qualified agent that knows the area seem to fare better than those who do this journey on their own. In most cases, the sellers are the ones that pay the agent anyway, so don't fear about paying those fees. A good Ulster County real estate agent is worth their weight in gold. An agent knows all the ins and outs of the Ulster County market. They can let you know about deals before anyone else knows. They have the inside scoop, which is something you need when dealing in our area.
4. Always Get Pre-Approved First
It makes the home buying process much easier to have your pre-approval before you go shopping. Some sellers request pre-approval before they will entertain an offer. Being pre-approved means that you already have financial backing, and you just need to select the home to put on the paperwork. Do you hate window shopping? Who likes to shop with no money in their pocket? The same analogy can be used for house shopping. You should wait until you have financing to back up your purchase. Sure, legally you can write an offer to a seller without financial backing, but they may choose an applicant who is already pre-approved. In Ulster County there are several great lenders including Ulster Savings Bank (not affiliated with Murphy Realty Group).
5. Be Ready for a Bidding War
When the inventory is low, such as it is now, then the buyers have a chance of getting into a bidding war. In fact, the seller is counting on such an event. This will drive the price of the home up even higher. Now, rest assured, it may only be a couple thousand dollars over the asking, but you should be prepared to give them a solid offer. Make your best offer up front and don't look back.
6. Learn From Your Mistakes
You will make many mistakes in your first home shopping experience, and it is completely normal. Learn from those mistakes so that you don't make them again. Some say buying a home is like dating as it is common to have a few slip through your fingers. Every offer counts. Regardless of whatever happened with the last home offer, it doesn’t have to happen again. Have a positive outlook, and make sure you get right back out there looking for a place to call home.
Buying In Ulster County
As you know, the housing market has rebounded nicely in this area. In fact, you must be prepared by having a pre-approval, a down payment, and a real estate agent. Looking for homes is a tedious process, but it is so worth the effort. When the right house comes along, you will know it. Some say that things just seem to work out when it is “the one.” Everybody deserves a great home and a place to make memories.