Real Estate booming in Central New York

What you need to know about buying and selling a home in a hot market.

Posted: Jun 23, 2020 5:44 PM
Updated: Jun 23, 2020 6:38 PM

Our real estate market is hot. It’s super hot. Probably hotter than it’s ever been.

Amanda Reinfelds is the president of the Mohawk Valley Association of Realtors. She says it’s a great time to sell your home, but if you’re a buyer you’d better come prepared.

"They want to make sure they have a letter of prequalification, and even better a letter of preapproval. The letter of preapproval will take a few extra steps with the lender to make sure that they are definitely qualified for a certain price range versus just a guess based on the information that the buyer’s provided to the lender," she said.

You don’t have to settle on the first available home, but it does help to narrow down your needs versus your wants.

"It’s really all about knowing what you want. It’s about working with your realtor so that they see those properties the minute they come on the MLS, and so that they can get you into those homes. We’re seeing multiple offers basically as a standard of business these days, and properties that are going within 24 hours of being put on the MLS."

Ann Rushlow is the Executive Officer of the Mohawk Valley Association of Realtors. She says the average sales price has jumped up to $153 thousand which is a 10% increase from last year. Houses may be selling fast, but Amanda Reinfelds says that doesn’t mean every house is going to sell.

"The only thing sellers want to be careful of though is to not price too high. Maybe there’s a little bit of margin to go you know $5-$10 thousand higher right now than you would have say last year or in previous years, but you don’t want to price yourself out of the market because that’s going to result in no showings of few showings when buyers see that the home is not priced right."

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