After a crazy few years, the real estate market is starting to stabilize, but there are some things people looking for a new home should be aware of.
After about six months of searching for the perfect home, Corey Flatt and Cory Thompson found it in Cornwall.
“We knew it was competitive, especially in the Hudson Valley area, so we were a little concerned,” Flatt said.
Flatt and Thompson sold their house in Alaska a few years ago to work in West Point. They previously lived in post, but since they are now there permanently, they wanted to move into their own home with their dog, Artie. After making five offers before the one they closed in July, they were looking for an older house near the military base.
“You might get a few failed offers, but it will work,” Flatt said.
They said the help of a real estate agent enabled them to find a house.
Jade Oliverio, realtor at Howard Hanna Rand Realty, has seen significant price increases and multiple offers on just about every home during the pandemic, but that’s starting to slow.
“A property that six months to a year ago would have had maybe 20 offers and been $50,000 over the list price, now we’re getting more than four or five offers and maybe getting the list price offered at the instead of being significantly overwhelmed,” Oliverio said.
Despite the changing market, Oliverio said he remains competitive. This is because there are not enough homes for sale to meet demand, making it a seller’s market.
“If they bought their house before 2020, their houses are worth a lot more than most people think,” Oliverio said.
When it comes to buying a house, Oliverio said it’s important to make sure all your finances are in order, so you can act quickly before the house is gone.
“We knew we’d have to offer more than list price, and we overdid it,” Thompson said. “We were a bit discouraged towards the end because we kept failing, good not responding to our offers, but luckily this one worked. “
As 2023 approaches, Oliverio said she believes home prices will remain stable and competition will stabilize as it does today.
“If the houses are priced appropriately, I think they will still sell quickly and get offers right away. If their price is too high, they will sit down,” she said.