I am sure you have seen or heard people saying it is a “Seller’s Market”, but what does that mean? With record low inventory on the market and fantastic mortgage rates if you are planning on selling now may be the best time to get your property listed and sold! This will mean a ton of offers to choose from, while you can be in the drivers’ seat of the deal and cherry pick the deal that is right for you. Ensure you are ready to sell by having an experienced real estate attorney and agent by your side. Your real estate attorney can provide you with a breakdown of closing costs so you know what to expect and can determine how much you want to net from your sale. Your attorney can also help you go through offers to choose which one best fits your needs regarding contingency requests, mortgage types and timing. A great agent can make a world of difference from staging, appropriate pricing to get the best deal and juggling incoming offers. The best price is not always the best offer, especially if there are contingencies that allow the buyer to back out months down the road. Most sales are going for well above asking with multiple bids but make sure you are ready to sell.
If you are buying, make sure you are prepared so you can present an attractive offer to sellers. It is important to have a great team by your side including a real estate attorney, real estate agent and loan officer so that you are ready to jump in once you have an accepted offer. Get your loan preapproval ready and crunch your numbers before you make an offer. Rates are low but prices may be higher so make sure you know what you can afford. Don’t jump in to buying a house head first because of great mortgage rates, go in prepared and level headed so you can get the most out of your purchase.
If you are interested in buying, selling, or refinancing please reach out and I would be happy to answer any questions you may have and help you get started! Please contact Katherine Kokkosis, Esq. at firstname.lastname@example.org or call 212 471 5100.