Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png How To Buy A Home In A Sellers Market – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 12 May 2015 11:00:13 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 How To Buy A Home In A Sellers Market[/caption] Buying a home can present challenges throughout the process, no matter the time of year or the state of the local real estate market.  Certainly there are times throughout the year that can present fewer challenges than others. Many real estate markets are experiencing low housing inventory levels.  Low housing inventory levels in most cases lead to an advantage for home sellers and creates what is known as a sellers market. Should I buy a home if there is a strong sellers market?  What should I do to help ensure I'm prepared to purchase a home in a sellers market?  Would it be beneficial to wait to buy a home?  These are just a few of the top frequently asked questions from home buyers during a sellers market.  The first thing a buyer must do is decide whether they should buy a home now or wait.  The buyer must then prepare themselves for the sellers market in which they are planning on buying a home in. Below are some excellent tips for home buyers on how to buy a home in a sellers market. What Is A Sellers Market In Real Estate? It's important when buying a home to understand the different markets that exist in real estate.  Buyers market, sellers market, and a balanced market are the three most common.  The easiest way to define a sellers market in real estate is as follows: A sellers market exists when there are several buyers competing for the same home due to the lack of other housing options available for sale. A topic you may hear real estate professionals discuss from time to time is relating to the housing inventory.  A calculation that top Realtors will utilize to help their clients determine whether the market is shifted towards a sellers market, a buyers market, or neither, is a market absorption rate calculation.  A market absorption rate calculator provides the number of months it would take to sell all of the remaining homes (inventory) for sale in a given area.  The fewer months it would take to sell all of the remaining homes for sale typically means a sellers market exists and vise versa. Factors To Consider When Deciding If Buying A Home In A Sellers Market Makes Sense Or Not [caption id="attachment_2680" align="aligncenter" width="450"]Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not Factors To Consider Whether Buying A Home In A Sellers Market Makes Sense Or Not[/caption] Buying a home during a sellers market is not for everyone.  It's important a buyer considers many things before deciding whether buying a home during a sellers market makes sense or not.   Below are a few considerations that should be made before buying a home during a sellers market! Interest Rates Interest rates should be a big factor whether or not to purchase a home in a sellers market.  Currently interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a sellers market. Selection Of Available Housing It needs to be understood that during a sellers market, the number of homes that will be for sale will be low.  If a buyer has very specific housing criteria, buying a home during a sellers market may not be the best idea. Competition During a sellers market, there's a very good chance a buyer maybe put into a multiple offer situation.  There are many things that can be done to give an advantage in a multiple offer situation, but it's critical to understand that there is a great chance this is going to be a reality. Price Since there is normally competition in a sellers market and multiple offers, it's important a buyer understands they may have to pay full price for a home and possibly over the asking price!  If a buyer is looking to submit low ball offers to sellers, buying a home during a sellers market is probably not the most opportune time to be buying. How To Be Prepared To Buy A Home In A Sellers Market Once a buyer decides they are up to the challenge of buying a home during a sellers market, now the hard work begins.  There are many things that buyers need to do before looking at homes, while looking at homes, and once they have had their purchase offer accepted!   Below are some very important tips for buyers who will be buying a home during a sellers market! Get Your Financing In Order One of the most important steps to buying a home, whether it's during a sellers market or not, is getting pre-approved for a mortgage before looking at homes.  The most important reason why a buyer should get pre-approved for a mortgage before looking at homes is to ensure they are looking at homes that they realistically can afford.  It makes absolutely no sense for a buyer to look at a home that is listed for $250,000 if the buyer only can qualify for $175,000. During a sellers market, a buyer who has their financing in order before looking at homes gives themselves a significant advantage over their competition, other buyers.  When a buyer submits a purchase offer, a seller should require a mortgage pre-approval or at the very least a pre-qualification letter from the buyers lender.  If there are multiple offers on a property and only one of the buyers can provide a mortgage pre-approval, the probability the pre-approved buyers offer gets accepted is extremely high. [caption id="attachment_2682" align="aligncenter" width="450"]How To Be Prepared To Buy A Home In A Sellers Market How To Be Prepared To Buy A Home In A Sellers Market[/caption] In addition to having an advantage over other buyers, a buyer who has obtained a pre-approval before submitting a purchase offer has a much better chance of negotiating with the seller on the price of the home and other terms of the contract. Be Ready To Shop Buying a home can take lots of time and effort, especially during a sellers market.  Since the inventory level is low during a sellers market, it's critical that a buyer is ready to shop for a home.  During a sellers market, it's very common that a home will have multiple offers within the first 12-24 hours of being for sale. A buyer who is only able to look at homes on Saturday mornings and Sunday afternoons is likely to lose out on the home of their dreams.  Recently while selling a home in Irondequoit, NY, a buyers agent indicated the buyer had significant interest in the home but could not be available until the following weekend to bring back their family members.  During the week there were other showings and eventually an offer from a different buyer.  The buyer who had the significant interest lost out on the home and was "heartbroken." Buyers who decide to buy a home during a sellers market must make themselves available.  Whether it means using their lunch hour to view a home or during the evening after work hours, it can be the difference between a buyer finding their dream home or not. Select A Top Buyers Agent Choosing a top Realtor is important, however, it becomes an absolutely must during a sellers market.  It's important that buyers understand how to interview a buyers agent when buying a home.  During a competitive sellers market, it's critical that a buyers agent is able to accommodate the buyers schedule to view homes.  Not being able to show homes to a buyer because they are a part-time Realtor or don't work nights is not acceptable.  This can cost a buyer the opportunity to buy their dream home. In addition the availability of a buyers agent, the ability to know how to negotiate on the buyers behalf is extremely important.  An experienced buyers agent should be able to advise a buyer on how to improve the chances that their purchase offer is accepted.  Having a top buyers agent can be a huge advantage in a sellers market. Consider Which Contingencies You Absolutely Need One of the top reasons a buyers purchase offer is rejected is due to the number of contingencies that are in the purchase offer.  There are many common contingencies that home buyers have the option to add in their purchase offers.  The more contingencies that a buyer has, the greater the chance a transaction does not get completed, which is a greater risk for a seller. In a sellers market, it's unlikely that a buyer who has a sale and transfer of title contingency will end up with their dream home.  Even though the sale and transfer of title contingency is a very common contract contingency, during a competitive sellers market there are many buyers in the marketplace who can purchase a home without having to sell one. Another contract contingency that buyers will consider not including in a purchase offer in a sellers market is the home inspection contingency.  There are way more reasons why a buyer should have a home inspection when buying a home, however, some buyers will waive the inspection contingency to help "sweeten" their purchase offer. Be Realistic & Flexible As mentioned above, during a sellers market the price a buyer will pay for a home is likely to be higher than if they were to purchase a home during a buyers market.  Buyers who are buying a home during a sellers market need to be realistic with the price.  A buyer who has prepared themselves that they will likely need to offer close to an asking price is much better off. If able, a buyer who is flexible with dates and deadlines in a contract is going to have an advantage over other buyers in the marketplace.  A top buyers agent will know what questions to ask a sellers agent in order to structure the purchase offer to give the buyer an advantage.  A few of the questions that a top buyers agent should ask to help structure a contract include;
  • Do the sellers have a home they are buying?
  • When do the sellers want to close?
  • Would leaving out the personal property (washer, dryer, stove, etc...) make the offer more appealing to the seller?
While it's not always possible to get the answers to these questions, having the answers to these questions will undoubtedly make a difference.  A buyer who puts inopportune dates in a contract is likely to have their offer rejected or lose in a multiple offer situation. Final Thoughts Buying a home during a sellers market is not for everyone.  There are many factors that need to be considered in order to help decide whether it's a good idea or not.  One thing is for sure, buying a home during a sellers market is not for "the faint of heart."  As mentioned above, having a top Realtor is critical when buying a home during a sellers market.  A top Realtor can help a buyer decide whether waiting is a better option and will be looking out for the buyers best interest, not the best interest of their pocket book! Other Top Home Buying Resources Are you a Rochester, NY home buyer?  If so, the local market is currently shifted towards a sellers market.  The above tips should be followed to help your home buying experience more enjoyable and successful!  If you have not selected a Rochester, NY real estate agent, contact me, and I'd love to share my knowledge and experience of selling homes in a sellers market.  
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "How To Buy A Home In A Sellers Market" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>