Finding a home in a low-inventory market requires time & effort. We have 6 tips that can be just the things to land you your dream home in this market.
Your Real Estate Agent will make all the difference.
The best thing you can do when looking for a home in a low-inventory housing market is to find a hardworking real estate agent with a good reputation. To find an excellent real estate agent, ask for referrals from friends and check online reviews for their services.
Use Alerts to always be in the know.
To find available homes in a low-inventory real estate market, you must constantly be on the lookout. But there is no way to always be online to check for new properties. You must get notified when a new home comes on the market that fits your criteria.
On sites like Zillow, when saving a search, you can select the frequency with which you can receive updates on that search: instantly or daily.
The more information you’re sharing through your searches and saves, the better a site can customize the homes you are being notified about. Identify features that are critical to you, like the number of bedrooms and bathrooms and any other must-haves. Also, price parameters will be helpful when searching through new listings you get notifications on.
Right now, an instant notification might be just the ticket for securing the perfect home.
Be Flexible where you can in your criteria.
Create a must-have list, and a could live without list to help you determine where you can be flexible when buying a home in a low-inventory real estate market. You may have to accept some possible compromises with your requirements when buying in this market. When shopping for a new home, good school districts and the number of bathrooms would most likely land on the must-have list. However, a pool or mountain view may have to be compromised depending on how long you are willing or can wait to purchase your new home.
Get Pre-Approved for the appropriate amount.
A pre-approval letter is a great way to get started, but make sure it’s for the right amount. Find the average price for a home in your area of interest and apply for a pre-approval for that amount. A pre-approval letter is a great way to show the seller that you are a reliable buyer if the letter indicates the amount that is in their price range.
Be prepared to move quickly.
Whether it’s the availability to go see a property or when it’s time to make the offer, you must be able to move quickly.
Save while you are waiting.
Use the time you are looking for the right property to be saving more. Making a generous deposit or having the capabilities to offer above the asking price can also make you a desirable buyer to any seller.