Typically, the winter season tends to be the slower buying season for Real Estate. This is often a time when the market turns into a buyer’s market. Buyers use this season to look for better deals, higher inventory, and take more time to look at properties versus the busier summer buying season. With the pandemic still looming, market experts have predicted that this winter will remain a seller’s market versus the typical buyer’s market. If you were waiting to buy this winter season, chances are the market will still be just as competitive as it was this past spring and summer. When it comes to house buying this winter, if you’re ready to speak to your Ulster County REALTOR®, read on for tips to help make your dream property yours.
Secure your financing in advance: In a seller’s market, inventory is low, prices are high, and expect to bid against several other buyers. If you’re able to get pre-approved for your mortgage in advance of putting an offer in, this will make your offer more attractive to the seller versus those that need to wait for mortgage and lending approval. You need to be ready to pull the trigger when it comes to house buying this winter – that means before you start looking in this competitive market! Having pre-approval allows you to know your approved budget, and get to work moving quickly with your offer on your dream home, rather than having to make a mad dash with the banks at the time of the offer. Expect several offers, so having your mortgage already approved will make your offer more attractive, as your REALTOR® and seller can get right to work, versus waiting for bank approval.
Know what you want prior to house hunting: With a market as competitive as the current one, there is not much time to peruse inventory casually. With 40% lower inventory than the typical real estate market, and houses selling faster than ever, make sure you take the time prior to house hunting and make a list of your must haves. This will help you sift quicker through the limited inventory, so that you are able to pursue a property that meets your requirements immediately. Taking advantage of virtual home tours will help you view a property almost instantaneously allowing you to decide whether or not it is worth setting up an in person viewing with your REALTOR®. Having a list and utilizing virtual tours will help you make informative home buying decisions quickly, so that you have the best chance of making an offer before the competition.
Make your offer stand out: Once you’ve found the property for you, don’t be slow and take too much time before putting in an offer. Chances are, you won’t be the only one putting an offer in, and if you take too much time, you may lose your dream home to another buyer. Ensuring you are pre-approved, and that your home meets your criteria will allow you to move quickly. While this makes you attractive over the competition, there are other ways to make your offer stand out even more to the buyer. If you’re able to put in an all cash offer, an above asking offer, feel comfortable waiving the inspections, or cut down the closing time, these will likely help push your offer to the top against the competition. Speak with your Ulster County REALTOR® about how they can best help you make your offer stand out against the competition.
This winter selling season will be more competitive than in the past, so utilizing the above tips, and working with a REALTOR® will help ensure you get the best outcome in finding your dream property in Ulster County when it comes to house buying this winter. Contact us for more information and to get in touch with a REALTOR® today!
