It’s a seller’s market: What you need to know if you’re buying

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STATEWIDE — Interest rates are low and there is a “lack of inventory” on the market. These are the perfect conditions for any home seller. 

And what factors contribute to this kind of market?

“You have about 66 million millennials who have aged into the house-buying stage,” said Grace Pascucci, mortgage banker with Atlantic Bay Mortgage.  

More buyers within the same age demographic plus more people who are working remote and willing to relocate are two large factors. Pascucci said that more people are also able to qualify for loans with their credit scores than ever before. 

But before you rush out to put your house on the market, know that this trend isn’t going anywhere anytime soon, at least according to Pascucci.

“We could have another three years of this,” she said. 

Bobby Jankovic, a broker and owner of Re/Max Capital in Williamsburg agreed, saying, “It doesn’t seem there are any sudden things on the horizon to change. Nothing is going to change suddenly.”

While this is an ideal market for any home seller, Jankovic, who worked in the real estate industry for 40 years, added that this kind of market trend is hard on a buyer. 

Because of the high competition among buyers, more houses are able to sell at listing price. 

A property may have up to 10 competitive buyers on it at one time, and if buyers aren’t quick enough to seize an opportunity to submit an offer, then they will probably not secure that house. 

 “It’s a challenge because sellers are not paying closing costs,” Pascucci said.

What do you do when you’re in a position to purchase a house?

“More and more are being asked if they feel like they have the ability to wait,” Jankovic said. “There’s a saying; if you need to sleep on it, then you’re not going to sleep in it.”

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