We are pleased to welcome the following sales professionals to the HUNT Real Estate ERA family. Their association further affirms our commitment to offering the highest level of service to our clients.
Central New York
WHY SHOULD YOU JOIN HUNT? HERE ARE JUST A FEW REASONS…
The HUNT® Reputation Rankings & Accolades
#1 Family-Owned and Operated Real Estate Firm in New York State
Top-Ranked Broker in the ERA Real Estate network
Ranked #43 on REAL Trends Top 500 Brokerages Survey*
Gene Francis Memorial Award Winner Honoring ERA’s Top All-Around Company
Member of Who’s Who in Luxury Real Estate
Ranked one of Western New York’s Fastest-Growing Companies
The Most Productive Agents
1600 Licensed Real Estate Professionals in 50+ Branches
The closing process can be confusing for any homebuyer. One of the things that you as a buyer could be unaware of when closing on are closing costs. Closing costs, by definition, are any costs related to completing a real estate deal. Both the buyer and the seller are subject to closing costs.
Amount of Closing Costs
The actual amount of closing costs will vary depending upon the total cost of the purchase. In general, the buyer can expect to pay 2-5 percent of the purchase price, while the seller should budget for somewhere between 8-10 percent of the final selling price. The buyer will be required to pay a larger amount if the final cost is over one million dollars. In this case, a mansion tax applies to the purchase. The seller typically pays more because they are responsible for broker fees, which normally amount to six percent.
Costs to the Buyer
The buyer is responsible for title insurance and bank fees connected with the mortgage, which will include the bank’s attorney fees and an appraisal of the property value. Other costs include title insurance, mortgage tax, and attorney fees for a lawyer to represent your interests in the deal. The buyer is also responsible for the developer’s costs if needed and an additional mansion tax if the purchase price exceeds one million dollars
Costs to the Seller
One of the biggest expenses for the seller is the brokerage fee. These costs can sometimes be negotiated, but rarely do they fall below five percent. The seller must also cover a transfer tax that ranges between 1.4 percent and 1.825 percent, depending on the final selling price.
Saving on Closing Costs
At times, there may be an opportunity for both buyer and seller to save money on closing costs. For the buyer, buying a nearly new home, rather than completely new, will help eliminate the developer’s costs. Real estate attorney fees can also vary by a few hundred dollars, so shopping around for the best deal will save money.
The Importance of a Good Attorney
It is better to budget toward the higher end of expected closing costs so no surprises arise on the day of closing. An experienced lawyer who specializes in real estate can also be your best resource when it comes to lowering costs. They could save you hundreds, if not thousands, of dollars in the end.
The HUNT Homeowners Club includes licensed attorneys who provide legal services including Real Estate Purchase‚ Real Estate Sales‚ Power of Attorney‚ Simple Wills‚ Name Change and more. For more information on how to retain the services of these attorneys‚ please contact them directly.
A knowledgeable sales consultant is a great resource to help you understand your real estate transaction. That’s why it’s so important to choose your real estate partner wisely. HUNT Real Estate has a team of highly trained professionals who can help guide you through the home buying process from start to finish.
HUNT Real Estate ERA has bolstered its presence in the Capital Region by acquiring All American Properties, a locally-owned real estate firm in Glens Falls, NY. All American Properties has been serving Glen Falls and the Southern Adirondack region for 20 years and employs 20 real estate agents, all of whom will be joining HUNT’s Glens Falls branch at 333 Glen Street, Suite 103. All American Properties sold over $21 million in volume last year and is the largest, locally-owned real estate company in the Glens Falls area.
“I’m very excited about merging with HUNT Real Estate,” Ted Wilson, owner of All American Properties commented. “The synergy of a large, family-owned organization combined with our local, client-focused presence will be a great benefit to our team of agents and the community.”
“It is an honor to have Ted Wilson and his team join HUNT,” said Dave Evans, Regional Vice President of HUNT’s Capital Region. “Anyone familiar with All-American Properties knows they have a reputation for excellence and operate with the highest level of integrity.”
This is the second significant acquisition HUNT Real Estate ERA has made in the Capital Region in the past 12 months. In May 2020, HUNT acquired Century 21 Potvin Realty, which brought 19 additional sales professionals to the firm.
It goes without saying that the real estate market in 2021 is competitive – it seems like properties are sold almost as soon as they are listed! This is due in large part to the historically low housing inventory across the country. As of March 2021, inventory sits at 2.1 months, significantly lower than the 3.3 month’s worth of inventory available in March 2020.
Because of the limited number of homes available, many buyers are finding themselves in a multiple offer scenario. So, when you are competing against other buyers for a home that you love, how can you make sure that you’re presenting the strongest offer possible?
Work with a real estate professional.
Working with an agent is your best course of action. Your agent will be aware of current market conditions, take into consideration other factors that may affect the sale, and most importantly, they will help you place the strongest offer possible. They are trained experts in negotiation and will be a huge help when you have 10+ offers on your dream home.
Offer more money.
Money talks – especially in real estate. Talk with your agent about adding an escalation clause to your offer. This clause raises your offer a certain amount when you’re in a multiple offer situation. You can also consider increasing the amount of money you are placing in the escrow account to show you’re serious.
A word of caution:Keep your offer inside your comfort zone. Don’t get caught up in a bidding war where you end up spending more money than you can afford, or worse, offering too much money and having to come up with the difference from the appraisal for your mortgage.
The fewer the contingencies, the easier it will be for the deal to close. Make sure your offer is as ‘clean’ as possible and list contingencies you deem absolutely necessary. While it can be almost impossible to have a contingency-free offer if you are financing a portion of your home with a mortgage, you can still limit the number.
Know what the sellers need.
While money is important, there may be outside circumstances that are also important to the seller. Are they moving because they accepted a new job in a different state? They may want a quick closing so they can move on. Do they still need to find a home to move into? Be flexible with your move-in date. Your agent can reach out to the seller’s agent to find out if there is a preferred timeline and you can include this in your offer.
Shorten due diligence period.
Did your agent find out your seller wants to move quickly? Shortening your due diligence period, which is when you would do your appraisal, home inspection, and survey, may make your offer more appealing.
Take a backup position.
If you really love the house, and your offer still isn’t accepted, consider taking a backup position. A backup position allows you to be first in line if for some reason the accepted offer falls through. With so many bidding wars happening on homes, if someone needs more cash for their offer, you’ll be in a prime spot.
It can be incredibly frustrating to lose out on a home due to a multiple offer situation, but be sure to keep spirits up! Your agent is there to help guide you through the competitive market and present the strongest offer possible.
There are plenty of homes coming on the market every day! With a little bit of time and patience, and with the invaluable help of your real estate professional, your diligence will pay off and you will find the right home for you.
Leading industry publication ranks HUNT as the top family-owned and operated real estate firm headquartered in New York state
Respected real estate industry publication RISMedia (www.rismedia.com) has released its 2021 Power Broker Report, ranking the nation’s most successful real estate firms based on transactions and closed sales volume. With 12,985 closed transactions and $3.07 billion in sales volume in 2020, HUNT ranked nationally at #39 in sides (transactions) and #86 in volume. The survey also shows that HUNT is the highest-ranked family-owned and operated real estate company headquartered in New York State.
“Despite the challenges that we all faced in 2020, our sales professionals persevered and made it the most productive year in our company’s history,” said Peter Hunt, Chairman and CEO of HUNT Real Estate ERA. “My humble gratitude to this fine group and our very supportive administrative staff that is always there for all of us.”
Buffalo Business First released their List of Best Places to Work in 2021, and HUNT was once again recognized in their Large Company Category! Once again, HUNT was the only real estate company to make the list.
To see the full list, clickhere. To see our profile, clickhere(subscription may be required).