After a crazy few years, the real estate market is starting to level off, but there are a few items that 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 just that 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 home in Alaska a few years ago to work at West Point. They used to live on post, but now that they are permanently stationed there, they wanted to live in their own house with their dog, Artie. After making five offers before the one they closed on in July, they were looking for an older home near the military base.
“You might get a few failed deals, but it will work out,” Flatt said.
They said that with a real estate agent helping along the way, they were able to find a home.
Jade Oliverio, a real estate agent with Howard Hanna Rand Realty, has seen big 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 received maybe 20 offers and gone $50,000 over list price, now we’re getting more like four or five offers and maybe being offered list price instead of drastically over,” Oliverio said.
Despite the changing market, Oliverio said it remains competitive. This is because there are not enough homes for sale to meet the demand, making it a seller’s market.
“If they bought their home before 2020, their homes are worth a lot more than I think most people realize,” Oliverio said.
When it comes to buying a home, Oliverio said it’s important to ensure all your finances are in order so you can act quickly before the house is gone.
“We knew we were going to have to offer more than the list price, and we did a lot,” Thompson said. “We were a bit down towards the end because we kept falling through, our offers fell short, but luckily this one worked out. “
In 2023, Oliverio said she believes house prices will remain steady and the competition will level off as it is now.
“If houses are priced appropriately, I think they will still sell quickly and get offers right away. If they are priced too high, they will sit down,” she said.