Local Real Estate Market Poised for a "Spring Surge"
Charles Rutenberg Realty Offers Tips for Prospective Spring Buyers
April 10, 2015
PLAINVIEW, NY — Despite poor sales this winter, Joe Moshé, Broker/Owner, Charles Rutenberg Realty Inc., says that the local Real Estate market is poised for a "spring surge."
From December 2014 to February 2015, home sales in Nassau County declined from 964 to 662, according to Multiple Listing Service of Long Island — a 31.3% drop. MLSLI also reported that Suffolk County home sales slid, from 1,072 to 706. That showed a 34.1% decrease.
Spring is often the strongest time of the year, with homeowners looking to move into new homes in the summer to take advantage of new home amenities and before the next school year begins. This year could be especially strong, with concerns that the Federal Reserve will finally begin to raise interest rates.
"This could be the strongest spring market we have seen in years," Mr. Moshé says. "We’ve seen the number of new listings begin to surge in recent weeks, along with prospective buyers beginning to reach out to see homes. But it is less than a buyer's market than it was during the recession. More than anything, sellers want to work with a strong buyer."
Mr. Moshé offers these tips for prospective homebuyers:
• Get pre-approved for a mortgage — Being prequalified is not the same as being pre-approved. To ensure you meet the lender’s requirements, make sure you have enough money for the down payment, any additional fees and the mortgage itself. Your credit score also plays a big role in determining whether or not you qualify. Make sure you know where you stand. If your credit is not good, explore ways to make it better.
• Start your home search on the Internet — Get an idea of what you are looking for and what the market is. Learn about the communities you have targeted. Get an idea of the market value.
• Interview Real Estate professionals — A good Real Estate Agent will help you by making the entire process less complicated. Find someone who is knowledgeable and you feel comfortable working with and it will reduce unnecessary stress. This may be the biggest purchase of your life; you should have someone representing your interests. Keep in mind that, unless you enter into a Buyer’s Agent agreement, the Agent works for the Seller.
• Stay focused on the reasons you want to buy a house — The perfect house may take a very long time to find. What is not negotiable? Be realistic about your important criteria.
• Do not let a few thousand dollars prevent you from getting what you want — In the long run, the difference in the mortgage will be minimal, compared to living in the house of your dreams. Find the house you wish to buy and stick with your decision. When you find it, GET IT!!
• The most critical tip of them all: NEGOTIATE REALISTICALLY!! — Most Sellers do not deal well with extremely low offers. That may turn off the seller, they may not even want to counteroffer, and it could create an adversarial relationship with them. Do your homework and start the process of bidding with a reasonable offer.