As rental prices are steadily climbing, inventory and mortgage rates have remained low during the COVID-19 pandemic. The unprecedented circumstances have sparked a change in how people want to live. More than ever before, people are longing for additional space and more natural surroundings for the sake of their mental health and well-being as many are envisioning how they can work from home more in the long-term. Resilience Found in the Market for Second Homes The coronavirus pandemic has not only pushed apartment dwelling New Yorkers to seek more space and nature outside of the city, it has also untethered them from their downtown workplaces as companies have embraced remote working. The result is a phenomenon that boasts the benefits of “co-primary” homes: “Secondary homes are more popular than ever. People may own or rent smaller homes close to their office. Buyers are realizing that they may not have to go to their office each day. Virtual jobs are in place and employers are seeing the positive results...Expansive, private yards and especially those with a pool are surely a winner! Bidding wars are more common than ever with some homes going in one day with five different competing offers. Everyone is enjoying being close to beaches, beautiful neighborhoods and homes.” (Pat Mayer, Diane Turton Realtors ) For those that are confident financially, instead of trading up in the city or simply purchasing a second seasonal home, these residences function more as equal homes to their current address. As the mindset shifts in how people think about a primary residence, we ...
In a seller’s market, there are more buyers than there are homes available for sale. But, despite the low inventory, you’ve finally managed to find a home that is perfect for you and your family. However, the market is extremely competitive so there’s a good chance that even a full-priced offer isn’t going to cut it. In that case, follow these steps to get your offer accepted in a seller’s market so you can finally move into your dream home. 1. Get a Pre-Approval Letter Obtaining a pre-approval letter is a great way to get a competitive edge before you even begin your search. By showing sellers you’re serious about buying a house, they’ll be more likely to trust and accept an offer they receive from you. 2. Make Your Offer as Clean as Possible A clean offer is one that doesn’t have any financial constraints, such as being contingent on the sale of another property. A clean offer is also free of any seller concessions, or things that a buyer asks for outside of the offer price, such as assistance with any closing costs. Traditional contingencies include loans, appraisals, and inspections. While they’re designed for your protection, giving them up makes your offer seem more appealing to the seller because you’ll have less opportunity to back out of the contract that you’ve written. 3.Offer Above-Asking A sellers market does not give buyers the opportunity to make a low offer with the hope that it’ll be accepted. You need to focus on making your offer strong enough to beat out any competition if it results in a ...
The real estate process has changed a lot over the last few months. Let's connect to set you up for success this summer with our new Sellers guide. Download your FREE guide now.
The real estate process has changed a lot over the last few months. Let's connect to set you up for success this summer with our new Buyer guide. Download your FREE guide now.
With more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving. Most expert forecasts indicate this economic recovery will start to happen in the second half of this year . As we get back to work and the financial landscape of the country begins to turn around, many experts also agree that real estate has the potential to lead the way in the recovery process. According to Ivy Zelman of Zelman & Associates: “Housing will fare better than expected during this severe downturn.” In addition, CNBC notes : “Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.” Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy of the National Association of Home Builders (NAHB) says : “Overall, the data lend evidence to the NAHB forecast that housing will be a leading sector in an eventual economic recovery.” One of the big reasons why housing has the potential to be such a driving force is the significant impact it has on the local economy. This impact is particularly strong when a newly constructed home is built and sold. According to a recent study by the National Association of Realtors (NAR), the average new home sale has a total economic impact of $88,416. As outlined in the graphic below, this is a combination of income generated from real estate industries, expenditures, and new home ...