• Greater Binghamton Office
    (607) 757 2100
  • Penn Yan Office
    (315) 536 7456

buyers market

Finding a Good Deal on a Home

COVER YOUR BASES

Finding your home sweet home is a process that begins with knowing your credit score, finding a lender, and getting pre-approved for a mortgage. One surefire way to ensure your credit score is acceptable is maintaining a low debt balance―it should be no more than 30% of your available credit limit. Getting pre-approved for a mortgage puts you at an advantage because it means that the lender is confident you can make the necessary payments. Use your realtor as a resource to establish what your loan options are and then connect with a lender that fits you.

LOOK FOR THE SIGNS

Once you find a potential home, it’s crucial that you play detective―Nancy Drew style. Appraise, investigate, and look for red flags. Is there wood in the living room that’s starting to rot? Are the railings on the porch or the stairs a little bit wobbly? Note these things so they can be fixed before you move in. If not, you may be stuck cleaning out the gutters on day one. It’s also a good idea to ask for an inspection on the house just in case there are any issues that only a professional could see. Always keep in mind the home’s resale value, because the resale value of your first home can predict what kind of house you can buy the next time around. Hoggard says, “I not only want to help you find your next house, but I also want to help you sell this house. So, I’m very clear about which properties are going to be smarter, or could be mistakes later on when it comes to resale.”

Life on the Lake-Keuka Lake is a Great Place to Vacation and Live

3101 Lower West Lake Road, Jerusalem NYThe Finger Lakes Region of New York is currently enjoying a robust real estate market. Small, historic villages and everything from farmer’s markets, boating and fishing to lakefront properties and wineries is attracting buyers to the area.

The majority of the region is still considered a buyer’s market (more sellers than buyers which results in low home prices from this excess of supply over demand) but as lakefront homes increase in popularity, the Finger Lakes area is seeing an increase in home sales and upward trending sale prices. Home sale prices are increasing at an average rate of 9% per year and it is not uncommon to see property values near $1 million. However, sale prices can range anywhere from $20,000 to $2.8 million depending on location, acreage and type of home.