Residential real estate market in New York competitive

On Behalf of | Jul 25, 2019 | Residential Real Estate

Navigating the process of buying a home can be challenging in any location. However, purchasing residential real estate can be especially confusing in markets that are highly competitive, like many in New York. Here are some tips for securing one’s dream home in the Empire State.

First, those who are shopping for homes would be wise to prepare for this extensive process with the help of a real estate agent. A consultation with an agent may help a buyer to better understand the challenges and opportunities present in a given market. This will enable the buyer to set realistic expectations for ensuring an enjoyable and smooth buying process.

In addition, it is wise to go to a lender to seek pre-approval for a mortgage. Ideally, the lender chosen should be one who has experience with closing quickly — for example, in a month. Meanwhile, for cash buyers, it is wise to obtain proof of funds as soon as possible.

It is also expedient to be flexible during the home buying process. This is especially true considering the fact that market competition is intense as a result of the currently low home supply combined with high demand. The fact that interest rates are low is also contributing to increased competition among home buyers.

Purchasing residential real estate in New York can indeed be a complicated process, especially for those who are going through the process for the first time. However, just as real estate agents and lenders can help home buyers to understand the market and the financial aspect of the process, respectively, an attorney can help buyers to navigate the legal aspects of the transaction with confidence. An attorney’s chief goal is to make sure that the client’s best interests are fully protected before he or she signs on the dotted line.