In today’s competitive real estate market, particularly in Westchester’s Rivertowns (Hastings-on-Hudson, Dobbs Ferry, Irvington, Tarrytown, etc.), preparation is crucial. With limited inventory and high buyer demand, being well-prepared can significantly increase your chances of securing your dream home.

Secure Mortgage Pre-Approval:

• Understand Your Budget: Get pre-approved for a mortgage to understand your financial limits.
• Signal Seriousness: A pre-approval letter shows sellers you are a serious buyer. If you’re paying cash, have documentation ready to prove your available funds.
• Seller Requirements: Often, sellers require proof of funds or a pre-approval letter even for viewings.

Evaluate Waiving Contingencies:

• Enhance Offer Appeal: Consider waiving contingencies like mortgage, appraisal, or inspections to make your offer more attractive.
• Assess Risks: Carefully evaluate the risks of waiving these contingencies. The AZ Team NY at Compass can provide expert advice on crafting a competitive offer.

Stay Nimble:

• Act Quickly: Be prepared to leave work early or take advantage of virtual showings to view properties as they become available.
• Rapid Market Movement: Properties move quickly in low-inventory markets, so swift action is essential.

Have Professionals Ready:

• Real Estate Attorneys and Inspectors: Have at least two local real estate attorneys and home inspectors on call to quickly navigate legalities and assess property conditions.

Stay Vigilant:

• Accepted Offers Are Not Binding: Be aware that “accepted offers” are not binding until the contract is signed. Be prepared for “Highest and Best” scenarios where multiple bids are considered.

Avoid Self-Sabotage:

• Stay Positive: Despite the tough market, remain positive. The AZ Team NY successfully secures homes for clients regularly and can help you too.
• Henry Ford’s Wisdom: Remember Henry Ford’s words: “Whether you think you can, or you think you can’t–you’re right.”

Seize Opportunities:

• Timing: Make offers during major holidays, poor weather, or school vacations when there is less competition from other buyers.

In summary, thorough preparation makes you a strong contender in our competitive Westchester real estate market. Financial readiness, strategic actions, and expert guidance are key to unlocking your dream home.