Current WNY Real Estate Market
Current market conditions
Inventory is low.
Demand is high.
Most homes are receiving multiple offers.
Many sellers are delaying showings or negotiations. This gives buyers a chance to see the home & prepare their offers.
You may need to be patient & submit several offers before you have an accepted contract.
When considering your offer:
Come in with your "Highest (price) & Best" (terms).
Be sure to ask your agent to present to you comparable properties that have sold recently, so you can make an informed offer in line with that particular neighborhood, style, size & condition of the home.
Terms Include:
Deposit to be put in escrow
Cash or Financing- Conventional, FHA or VA
Seller's concessions
Down payment on loan
Inspection contingency
Contingencies on the sale or closing of your current home
Closing date
Financing Details
You will need an updated pre-approval letter to submit with your contract. Ask your agent for recommendations for trusted mortgage brokers.
Your pre-approval letter should be from a local lender & verify your income, credit & funds needed to close.
Double check your pre-approval letter reflects the current interest rates.
Understand your monthly payments will include PITI-Principal, Interest, Taxes & Insurance.
Be sure you are comfortable with the estimated monthly payments. You may qualify for more than you want to spend!
Make Your Offer Stand Out:
Some sellers will not accept an escalation clause. Ask your agent about this.
“Love letters” are no longer acceptable due to Fair Housing regulations.
Talk with me about other strategies may help your offer stand out and give you the best chance to get an accepted offer.
Contact Gretchen at (716) 289-4003
I can help you get moving!