Tag: New York

For the second straight month, sales of previously owned homes increased from one month earlier, according to new numbers from the National Association of Realtors. In fact, sales of single-family homes, townhomes, condos, and co-ops, rose 1.1 percent to an annual rate of 5.60 million in March. Lawrence Yun, NAR’s chief economist, says warmer weather may have had something to do with the sales pickup. “Robust gains last month in the Northeast and Midwest – a reversal from the weather-impacted declines seen in February – helped overall sales activity rise to its strongest pace since last November at 5.72 million,†Yun said. Put simply, low inventory and higher prices have made the housing market more challenging for buyers in some markets but overall demand is running high and, as the weather improves, may even see further gains. For interested buyers, that means available homes are selling fast this spring. The NAR reports that the typical property was on the market for just 30 days in March and half of the homes that sold were purchased in less than a month.

Making big decisions quickly is not usually a recipe for success. However, in today’s housing market, that’s exactly what home buyers have to do. That’s because homes are selling faster than ever these days. In fact, according to a recent analysis, the average home took 81 days to sell last year. And that includes closing, which usually takes four to six additional weeks. In other words, since many markets have more buyers than they do available homes, houses for sale are selling fast. So what should buyers do to prepare for possible competition? Well, for starters, adjust your expectations. A recent report from Zillow found the average buyer spends just over four months searching for a home and makes two offers before successfully buying a house. That means, expect a process. Outside of that, be prepared. Get prequalified, know what you want, what you want to spend, and what your dealbreakers are. The more prepared you are, the more likely you’ll make good decisions, even if they have to be made quickly. More here.

After finding a house to buy and making an offer, one of the next steps in the process is to get the home professionally inspected. This is done for a couple of reasons. One, it provides the home’s buyer with necessary information about the health and upkeep of the home’s various systems. But, additionally, it can be used to negotiate a fair price for the home. For example, if you made an offer on a house, then discovered during the inspection there were issues that might mean costly repairs, your offer could then be renegotiated to account for the previously unknown problem. In short, getting the house inspected is an important protection for buyers, who likely don’t have the expertise to thoroughly evaluate things like the home’s plumbing and electrical systems. But more than just a checklist, the inspection is also a good opportunity for buyers to get to know the house they’re buying and learn more about the condition of the home and the steps they’ll need to take to maintain it. For that reason, it’s a good idea, if possible, for buyers to be present during the inspection, so they can ask questions and get tips on properly caring for their new home. More here.