S.I. real estate market: High demand and low inventory make securing that dream home a challenge
CEO/Broker/Owner of PreReal, Prendamano Real Estate Inc. in Bulls Head, James Prendamano, spoke with Erik Bascome from the Staten Island Advance to share some of his thoughts about the current real estate market on Staten Island.
Prendamano said that the limited market has resulted in his company seeing offers come in faster and more frequently than in past years, meaning those looking to buy a home still need to act quickly.
“In the past, you could check in with your Realtor, pop around on different websites, wait a few days to go see the listings you might be interested in pursuing, but that’s long gone now. The second it hits the market, you have to act,” he added.
“My advice would be, number one, to get a professional who can clearly represent your interests. Make sure your paperwork is in order, and make sure that you are accessible and able to execute as quickly as possible,” Prendamano said.
For those who expect an endless back-and-forth bidding war, Prendamano emphasized that there may be fewer opportunities to bid than you might imagine, making your first offer "seen in the best light."
‘PUT YOUR BEST FOOT FORWARD’
“This isn’t a time where you’re going to go back and forth with three, four or five offers. Chances are it’s going to be one or two and done. So make sure you put your best foot forward,” said Prendamano.
Some buyers may have to forego some traditional practices, like as third-party inspections and appraisals, in order to sweeten the deal and make their offer more appealing.
“We’re seeing lots of contingencies stripped away. I don’t even remember the last time I saw a seller accept an offer with multiple contingencies,” Prendamano said. “We’re seeing folks waving all sorts of things like engineer inspections, appraisals, mortgage contingencies. They’re trying to compete for the limited housing stock that we have.”
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