Are We in a Buyer’s Market or a Seller’s Market?
First, what is a Seller's Market? Basically, a seller's market is when there is more demand for homes than those available on the market. A buyer’s market is just the opposite. It is a time when there are more homes for sale compared to the number of buyers ready to purchase.
According to Connetquot School District Real Estate Agent, Jeanne Frank, an average of one home is sold per day.
(Based on the inventory of homes for sale in Connetquot School District - video below)
Any time there's less than six to seven months of inventory, it's considered a seller's market.
Many are scared of buying homes at this time because people have to think and decide fast since listings close faster. While this is true, it should not impact buyers negatively as long as they know the steps and they are guided properly.
Here are a few tips from an expert realtor in Long Island, Kyle Kelly, who recently shared his March 2022 Patchogue Housing Market Update and Suffolk County Housing Market Update
Is It Difficult to Buy a Home When It’s a Seller’s Market? Should I Go Ahead and Buy?
If you are committed and ready, you can buy a home whether it's a buyer's market or a seller's market. Since the market is moving fast, it would be best to start looking at properties three months prior to your target closing date and prepare ahead of time. A few things that will give you an edge when buying a home in Suffolk County (or anywhere really) are the following:
While the asking price is not always fixed, it's not recommended to make an offer that is lower than the listing price. The kind of offer that you are presenting can help you stand out. Instead of making an offer less than the listing price, it may actually be more favorable to submit a higher offer than what the seller is asking for.
A pre-approval letter shows that you are serious about buying a home. If you are looking to buy a home out-of-town, it would be best to get help from a realtor who can provide a local pre-approval letter that matches your sales price, and have it dated the same day as your offer. Don't forget to include your Proof-Of-Funds (POF), which is simply a document that proves you have ample funds to complete the transaction.
There are sellers who prefer or believe that they should move at closing. In such cases, it would be great to give them a few extra days. The seller may prioritize an offer that allows them get things done without too much rush. Imagine if you were in their shoes and how you may feel. After all, it's not buyer versus seller or seller versus buyer. Both buyers and sellers have a common goal of getting the best offer in the market.
There may be many things to keep in mind when buying a home in a seller's market, however, these shouldn't prevent you or overwhelm you. Whether you want to buy a home in Patchogue, look for homes in Suffolk County, or move to any town, state, or city, getting a trusted realtor is the key. A true realtor will guide you and help you get the best offer with the least or no headaches.
Reach out to the best real estate agent in Long Island, Kyle Kelly, and his team - The Island Wide Team today:
Call or Text: 631-831-0912
FB Messenger: m.me/KKellyNY
Personal Email: KKellyNY@gmail.com
Team Email: firstname.lastname@example.org
YouTube: The Island Wide Team
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