NEW YORK (WCBS 880) — It's a bumpy ride for buyers trying to purchase a home on Long Island.
In Suffolk County, house prices jumped more than 16% compared to last year.
For veteran Mike Lai and his pregnant wife it took them seven months of waiting in line at open houses, making offers that were not accepted and being exhausted by the process before they were finally able to close on a house last week.
"Before we ended up getting this one we had probably about four offers in that were well over the asking price and we were beat out," he said. "It's not just finding a place you like anymore, it's finding a place you like and then beating out 12 other people."
Real estate agent Lisa Kennedy of Ramsay Realtors advises prospective home buyers to come in with their best offers.
"There are no counter-offers, bring your highest and best," she said.
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Kennedy said in this current market, buyers are doing anything to get noticed in order to purchase a home on Long Island, including waiving inspections, writing letters to the sellers about why they want to buy the house and waiving the appraisal contingency.
"Which means, 'I'm going to pay $600,000 for this house, if this house appraises for $550,000, I will come out of my pocket for that extra $50,000,'" Kennedy said.
She also recommends buyers refrain from saying anything negative while walking through a seller's home.
"Sellers, even though they may be sitting in the backyard at the deck and letting you see the house, they're listening and if you are derogatory in any way towards their home they will have a bad feeling towards you," Kennedy said.
Kennedy tells WCBS 880's Sophia Hall that people are selling their homes and then living with family, friends or in motels because they cannot find another house to buy.
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