How is your home search going?

 

I watch the trends and I have been here before. It is that calm before the storm. Western New York is seeing multiple offers on homes. Many homes are finally selling after long periods of no activity. There is a shortage of good listings available on the market. Interest rates are ticking upward, buyers that have been on the fence for a long time are jumping into this market. Western New York is moving back to a normal market as opposed to a buyer’s market. In some areas and price segments it is becoming a seller’s market.

Why should home buyers care?

Well I have been working with a couple that insist on “low balling” every offer they write, against my advice. They had to lose a third house before they really understood that you cannot do that. They were mad at me for a bit until I shared with them the email I got from the other REALTOR that stated we were the lowest offer, (with an FHA mortgage, a pre-qaulification letter, home inspection in 5 days, close in 75 days and seller concessions) of 8 offers. They took an all cash offer over asking, home inspection in 2 days, no mortgage contingency, no concessions, close in 45 days that wasn’t the highest offer.

Seller’s are now in a position to be a little more selective and have some power in the negotiation process these days. Where seller concessions were a way to sweeten the pot awhile ago, they are not necessary to give when faced with multiple offers. Home sellers when faced with multiple offers will most always pick the most secure of offers.

Read also: Silicon Vally Bidding Wars

How can I stand out when there are multiple-offers?

You have to be strategic when you are facing multiple offers. I can assure you that the other REALTORS are telling their clients the same thing that I am going to tell you. That means if you are searching in one of these areas that are red hot you will need to:

  • Write the offer right after you see the home
  • Get a Mortgage Pre-approval instead of just a qualification letter
  • Have your attorney selection made and tighten up the attorney review timeline
  • Be ready with your home inspector already picked and do the inspection in a tighter deadline
  • able to purchase without seller concessions
  • Tighten your closing deadline — 60 days is typical in WNY, but there are ways to tighten the timeline
  • Understand that if you are using FHA or VA financing, that can complicate things after the appraisal, sellers are more comfortable with conventional financing or thrilled when they see an all cash offer
  • Be willing to put down a significant amount of money when you write the offer instead of the traditional $1,000
  • Include a personal letter why you want that home — hey it can’t hurt!

I have seen many sellers take offers for many reasons, but generally when they have a choice they will first eliminate those that are below asking and then start to look at the other offers on the table. Cash always wins out, but I have seen an FHA win over cash because of the letter that was enclosed. I have also seen where it did not matter.

 


For more information call Colleen Kulikowski

(716) 650-0051

 

Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.

Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.

What about one of these homes?

All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.
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All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.


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About Colleen Kulikowski, Associate Real Estate Broker (716) 650-0051

Colleen Kulikowski is an Associate Real Estate Broker with the Griffin Team @ Keller Williams Realty Buffalo Northtowns specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.

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