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Corcoran Legends Realty’s Advice on Offers
Current State of the Market
In today’s competitive real estate market, characterized by limited inventory, buyers in Westchester County, NY face significant challenges. Comparing the third quarter of 2024 to that of 2023, single-family home inventory has declined by 12%, leaving just 2.5 months of supply. Consequently, the median sale price for these homes has increased by 8%. The condo market has seen a 15% rise in median sale price and an 11% reduction in inventory, also down to 2.5 months. The co-op market has experienced similar trends, though less pronounced.
How to Make Your Offer Stand Out
Given these conditions, many listings attract multiple offers within hours. This environment benefits sellers but requires buyers to be prepared to take calculated risks. Each offer includes a purchase price and specific terms such as payment method, closing date, and contingencies like mortgage and inspection. In this competitive market, buyers must make their offers stand out. Cash offers are particularly influential, as waiving financing contingencies with Proof of Funds significantly increases the likelihood of acceptance. Additionally, waiving inspections has become more common to make offers more attractive. A higher down payment can also be advantageous, reducing seller concerns about appraisal issues that could jeopardize loan approval. Flexibility on the closing date can appeal to sellers with specific timelines.
Corcoran Legends Realty’s Advice on Offers
The Importance of Your Buyers Agent
Other factors can influence negotiations, making it crucial to work with a knowledgeable buyer’s agent. An experienced agent can ask pertinent questions of the listing agent and conduct thorough due diligence, helping you craft a well-informed and competitive offer. While much of an agent’s work may go unnoticed, their expertise is invaluable in making what is likely the most significant purchase of your life.
Summary
In summary, navigating the Westchester County real estate market requires strategic planning and expert guidance. With inventory low and prices rising, buyers must be prepared to act quickly and decisively to secure their desired property. Reach out to a Corcoran Legends Realty agent for all things real estate.
For more information visit https://legendsrealtygroup.com/
