Dutchess County Real Estate
“In September 2020, the median list price of homes in Dutchess County, NY was $365K, trending up 12.9% year-over-year. The median listing price per square foot was $182. The median sale price was $338.3K.” – Realtor.com
Sale-to-List Price Ratio for Homes in Dutchess County is 99.43%
Homes in Dutchess County sold for close to the asking price in September 2020 – or 99.43% of the listing price. Some homes go on the market and quickly drop in price to secure offers from buyers faster, but overall the market is hot in Dutchess County with many homes receiving multiple offers and selling for well-over list price.
What is Highest And Best?
There is a practice called asking for the “Highest and Best” offer which usually happens on Sunday night or Monday morning. If a home is highly desirable and has had a lot of showings over the weekend with multiple offers coming in, the seller’s agent will request that all agents who have made offers for their buyers go back to their buyer’s and ask for their best offer.
Next, the seller’s agent submits and reviews all offers with the sellers and awaits the final decision from the seller.
If you find yourself in this situation, it’s important to know that neither the seller’s agent nor the buyer’s agent have any control over the seller’s final choice. What impacts their decision can be related to multiple factors.
Are you ready to buy a home in Dutchess County?
When you are ready to buy a home and relocate to Dutchess County, it’s important to get a mortgage pre-approval prior to shopping for homes.
Some of the factors that will impact your mortgage pre-approval and home purchase:
Credit score: Some lenders are being cautious when it comes to pre-approvals. Potential buyers should prepare for higher credit score standards. If you’ve been cleaning up your credit score preparation for buying a home, this is a great time to look at moving. Mortgage rates are at an all time low so buying now would secure a lower rate mortgage.
Low rates = saving on housing costs over the term of your loan.
Savings: Maybe you’ve been packing your piggy bank for years in anticipation of buying a home, or you’re planning on selling your starter home and putting the cash toward a more family-friendly home. Either way, if you can come to the table with 20% down, you’ll have a tremendous edge this year.
Although 20% down isn’t required, it’s helpful to put as much money down as possible. The more money you put down the less you’ll pay over time. Also, some seller’s prefer to receive an offer with more cash down.
Income & Job History: If you have a reliable source of income, you can feel more comfortable buying a home right now. Your recent job history will be reviewed by a mortgage lender so the longer you’ve been working somewhere the better. Also, don’t change jobs right before or during the home purchase process. Even if you get approved for a loan and get under contract on a home, the lender can pull the plug on your mortgage.
Interested in Buying a Home in Dutchess County Right Now?
If you’re curious how your local market has shifted, give me a call. I’m working with buyer’s like you who may be new to home ownership. I can connect you with a Weichert Mortgage Broker who can help you with the next steps. Once you are pre-approved, let’s go shopping for your new home!
Contact me: 845-554-7345 – Carlin Felder, Licensed Real Estate Salesperson, Weichert Realtors, 973 Main Street, Fishkill, NY 12524
