The year 2024 seems to be another challenging year for buyers! Higher buyer demand than the supply of homes in the real estate market in the Capital Region NY will continue and many buyers will wonder: How can I or we make homeownership a reality this year!
In this blog post, I am going to share some insights to help
you write a winning offer.
First, you need to know the market value of the home. If the list price is below the market value
the seller will receive many offers way above the list price. If the list price is at market value, it may
not receive as many offers. If the list
price is above the market value, very few offers will be written.
Second, consider including an escalation clause. An escalation clause will allow you to
compete without “overpaying” for the home.
It works like this: Buyer is willing to offer an X amount of money more
than the highest and best competing offer up to an X amount. In my experience, this has proven to be a
highly effective pricing strategy. You
just need to know what your upper limit will be for the home you would like to
buy.
Third, write a competitive inspection clause… This is a very
important clause in a purchase contract because inspections can be a deal
breaker for many buyers and therefore many sellers will be nervous about
inspections. You may want to raise the
major defect threshold from $2000 (the current amount in NY at time of writing
this blog post) to a higher threshold amount to remain competitive. Waiving inspections will be the best… but
this comes with a risk so you may want to discuss it with your realtor before
using it! Hope this helps!
Wish you good luck in your real estate journey,
Young Jin Chun
Licensed Real Estate Salesperson
Sinkoff Realty Group
Email: YoungJin@SinkoffRealtyGroup.com
Website: www.SinkoffRealtyGroup.com
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