Staten Island Home Buying Insanity & How to Compete!

How does one compete with all cash offers or limited inventory when it comes to real estate? Charles Martino, Founder of Martino Realty on Staten Island walks us through tips to getting you the home you want!

Even with year over year value increases of 11% (3rd Quarter Report), the hot, or maybe overheated Staten Island Real estate Market shows no sight of slowing down. Which leaves home buyers asking themselves two questions, should I still buy, and how do I win in these bidding scenarios?

As to whether or not to buy, I suggest you read our blog post here and decide if the time is right for you and your family.

If you do decide to buy, here are some tips to help you get your offer selected:

“Be Nice” when viewing the home the current owner, believe it or not, will sometimes select an offer based on emotion and who they will like to see living in their home!
“Hire a professional” be sure you are working with a Real Estate agent who is knowledgeable in the market and the current conditions.The agent should be available if a listing is available today to see it today. If an agent says they are available two or three days from now they are not your agent for this market. Be sure the agent is representing you as a buyer’s agent, not the seller!
“Highest and best”, means just what it says, you have one chance to “wow” the sellers with your offer and qualifications, do it, don’t hesitate or bid below what your agent recommends.
“Money is cheap” On average every $10,000 in your mortgage is under $50 per month, so if you’re on the fence about how high to bid consider $10,000 more is less than a cup of coffee per day!
“Cash is King” if you are obtaining a mortgage and bidding against a cash buyer, you need to offer an amount that is high enough above the cash offer that the seller is willing to take that risk. Listen to your professional’s advice on how much to bid and remember money is cheap.
“Buy your grandmother’s house”. In this market, by far the most popular homes are the fully renovated or new construction. Consider buying the “clean and dated” home instead. I do not recommend homes that need complete renovations, most first time buyers do not have the time, ability, or cash required to renovate. But consider the home that needs the floors refinished and a paint job to move in, and then have your kitchen and bathroom renovated down the line. You will find these homes are more affordable and have fewer bidders.

If you are deciding whether to sell or buy a home we serve all areas of Staten Island including: