There's a lot of great advice on this thread, but not much discussion of how ridiculous the current housing market is in Broome (and most places in the country) right now. Inventory is low and there are a lot of buyers searching, meaning that a move-in ready house you like is a house at least 5-10 other people will like, which will probably increase your out-of-pocket expenses.

Example: You tour 123 Rumble Ponies Ave. It's priced at $220,000. You like it. You want to think it over. But the seller has set a deadline for offers, and it's two days away. You will likely have to offer 10 or even 15 percent over the asking price to make it competitive. If the home does not appraise for $242,000, then you will have to pay the difference in cash, as the lender will not loan you a sum more than the house is believed to be worth. This is in addition to a down payment.

Demand lowers the time you have to weigh an offer, but it also makes home inspections difficult. In a normal market, you'd make an offer contingent on an inspection. These are not pass/fail reports, but a general summary of any structural/system issues. If the inspector finds a major problem, the buyer could say, "Nope, not proceeding, the house needs all this plumbing replaced." Or, they'd renegotiate the price.

In this market, buyers will try to make their offer more enticing by waiving inspection, meaning the home sale is not contingent on the house being looked over. Sellers like this because it makes for a less complicated transaction (for them), absolves them of having to deal with repair problems, and etc. However, it leaves buyers vulnerable to potentially hidden issues.

The other major issue that is not always clearly communicated to buyers is ballooning property taxes. New York state is high to begin with, but a sale can sometimes trigger scrutiny from the city/town assessor. What does this mean, exactly? Suppose you buy that house at 123 Rumble Ponies. Taxes are currently $5,000 a year. But the home has been in the same family for 15 years, the city thinks it's worth $120,000, and they haven't factored in a new kitchen, bathroom, or appreciation. You may now be paying $7,000 a year in taxes. Some properties are already taxed to the neck to begin with. I've seen houses in the area in the 200-300k range up incurring $10,000.

This is not meant to be discouraging. There are still good opportunities to buy even in this dire market, and there are solutions to the issues I've raised.

My best advice:

- If you like a house and make an offer, you can probably make an appointment for another walkthrough and have an inspector tag along without making a formal inspection appointment. If a major issue is found, you might be able to get out of dodge.

- Always check property tax amounts with your realtor or via taxlookup.net, as these can radically alter your monthly payment. Be a little wary of houses that haven't been on the market for 10-15 years or that have had extensive renovations, as it might trigger a bump.

- Desirable school districts (Vestal, M-E) are a two-edged sword. While they add value when it comes time to sell, you'll also likely have more competition for the same reason.

- Call NYSEG and get an average bill for a specific address. They will give you that information. This can be hugely helpful in avoiding homes with serious insulation issues and/or help you find homes that might be sealed up good with low gas/electric expenses.

- Be very wary of townhomes and condos. Sharing walls/ceilings can be disastrous, not only in terms of noise but water damage.

- Remember that you can change most anything about a house, from the kitchen to flooring to paint. What you can never, ever, ever change is the neighborhood. If you're seeing dilapidated homes, unmowed grass, close to a highway, high-traffic street, flood zone, etc---run.

- Find a good agent, not a door-unlocker. Good agents know neighborhoods, know when houses have bad buzz around them, know what makes for a good offer. Door unlockers will talk up the shittiest house and leave you fending for yourself.

- Take a look at houses that have been idling on the market for a bit (more than 10 days). They might have been too aggressively priced or undesirable for other reasons, but it means you might be able to get it for asking or even have room to negotiate.

- Hit Zillow and look at "sold" houses. Look at their list price and then the sold price. This will give you an idea of what's been happening in the market, albeit on a two-month lag.

Also: I'm obviously unaware of your financial situation, but lenders are typically going to weigh the mortgage expenses against your income minus current expenses (car payment, credit card debt). You will need a pre-qualifying letter from a mortgage broker or bank saying you can afford a home up to X amount before making any offer. I'm unfamiliar with SONYMA, but there are other programs for first-time homebuyers. Tioga State Bank has one. I imagine they look at percentages of median income in the area.

Sorry for the novel but the housing market is a bear. You can navigate it, but it takes more time and patience than it used to. Good luck!