March 26, 2016

Red hot real estate market makes buying competitive

Posted in Keith Knutsson, Real Estate at 4:24 am by Keith Knutsson

Cory Wojewodka and her fiancé Brandon Mastrodonato are in the market for their first home this spring. Having rented a home in Henrietta for four years, they decided to buy because they want to build equity.

They are finding a very competitive market in their search this spring. Inventory for existing single-family homes is low and many homes are sold as soon as they are listed, area real estate agents say.

“The current market is bustling,” said Charlene Lally, an agent with Nothnagle Realtors.  “The 2016 Spring Market has been filled with low inventory, elevated sale prices and aggressive competition between buyers.”

The spring real estate market is in full swing in the Rochester region. The months of March, April, May and June are typically busiest for home sales in the area as buyers begin looking once the cold weather subsides. It’s a competitive market this year as there are fewer homes on the market.

Beyond selling within days of being listed, Lally noticed there are many multiple offer situations this spring.

“I’ve had sellers receive all the way up to 6 percent over list price due to the low inventory and high demand of buyers,” she said.

Lally is working with Wojewodka and Mastrodonato on their home purchase. They are looking for a home near the Henrietta, Rush and Mendon areas that has a private setting. The couple would like some land and wouldn’t mind a minor fixer-upper, she said.

Because of the lack of inventory, it has been challenging to find available homes that offer the preferred setting they are seeking, Lally said.

“After looking at multiple homes and seeing how fast homes are selling, they are more aware of exactly what they want in their home and are anxiously awaiting for the right fit to come on the market.”

This year’s spring market is challenging given the low inventory, Lally said. Because there just isn’t a whole lot available, “you really have to stay on top of the market,” she said.

“It is important to make sure your Realtor is updating you as soon as homes that meet your criteria come on the market,” she said. “If you miss a new listing for even a day or two, there is a high chance that the house has already accepted an offer.”

Buyers should be aware of the competitive nature of this spring’s market.

“If you want a particular home, you need to be prepared to move quickly and give your best offer right from the start in order to stand out in all the competition that there is at the moment,” Lally said.

That also means being financially prepared for the purchase with a pre-approved mortgage from a lending institution, Lally added.

To qualify for a loan, Wojewodka was asked questions about her current income; how much of a balance she kept in her bank accounts; how much money they had for a down payment; and pass a credit check.

Having their financial ducks in a row does help as they continue their hunt for a home. The couple is open to many different styles of homes, but prefer split-levels, Colonials and ranches.

“For us the most important thing is location,” Wojewodka said. “We know we want to have a large yard and we want the location to be private. We can work with different kinds of homes to make them our own, but the location is something you can never change.”

Realizing that the market is competitive, Wojewodka is also being competitive, checking real estate websites to see what comes on the market regularly.

Her advice to other buyers in this market: “Give yourself plenty of time to find a house and don’t settle for anything less than perfect for you.”

“This is a huge decision. If you have the time to wait for perfect one, wait. If you don’t, be open to remodeling and building sweat equity,” Wojewodka said.

http://www.democratandchronicle.com/story/marketplace/2016/03/24/spring-real-estate-market-hot/82110676/

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