5 Things To Expect In Todays Home Buying Market For First Time Buyers

5 Things To Expect In Todays Home Buying Market For First Time Buyers

Lots of appointments made at this home in <a href='https://www.jphilip.com/index.php?types[]=1&types[]=2&areas[]=city:Ossining&beds=0&baths=0&min=0&max=100000000&map=0&quick=1&submit=Search' title='Search Properties in Ossining'>Ossining</a>, NY

You're ready! You are armed with your pre approval, gas tank is full, you spent countless hours on Zillow, Realtor and Trulia compiling your list, and you have set your appointment with your most trusted Realtor. Today is the day you are going to look at what can most likely be your biggest investment of your life. What an exciting time you are embarking on. 

 Armed with your note pad, you pull up to your first house and you see what appears to be a celebration going on but low and behold......it is other homebuyers. Tons of them! Is it possible you have a scheduled  appointment at the same time as an open house? Then you ask your agent and you find out that is not the case. The home that you have your eyes on just happens to be a high demand house for a lot of first time buyers in a market that has a small inventory of those houses available. Often, these are homes in the range of $400,000 and under and are single family, detached homes. These homes in Westchester County are becoming the unicorn of the first time home buyer, especially now in the start of the spring market.  Our company, just like many others, are spending a great deal of time to try and convert our buyers who will be selling later this year on the market to list now, instead of waiting for the beautiful blooms of spring and summer. We are trying to help them understand that you....the buyer... isn't putting a great deal of thought into if they have great tulips in their yard or not,  you just want a choice of homes to view. 

So what should you expect? 

1- You should expect that while even on your way to view a house, your agent may get an email from MLS stating that the house has an accepted offer. This doesn't mean you can't throw your hat in the ring, you just should do it quickly before contracts go out to be signed. 

2- You should also expect that you will have a few houses that will have an accepted offer and they no longer want to do showings as back up offers. This would often be  a last minute change so maybe have a back up house ready that you will want to view if an appointment can be made last minute.

3 - Expect that you will not be the only one who has visions of the same " Dream House".  With the inventory low in this market instead of sellers negotiating with multiple offers sometimes you will come across what is know as " Highest and Best" This is where agents will ask you to submit your highest and best offer on the house by a certain date and all of the offers will be submitted to the homeowner for review. The homeowner will choose the offer they like best and with any hope you will be the one chosen. We , as agents, hope that even if you are not chosen you will be notified that you were not chosen but that is not always the case. Your agent may have to email or call the listing office to find out.

4 - Expect that you could be out bid. 

5 - Expect that your agent will work very hard to find a house that you will eventually call home. It will happen, just enjoy the process and always have patience.

Happy house hunting!

Tana McGuire Headshot
Phone: 914-414-0759
Dated: February 25th 2018
Views: 251
About Tana: Leaving behind an extensive past in the hospitality business, it has enabled me to persevere through...

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