Today, the greatest challenge faced by homebuyers is low inventory. In this highly-competitive market, it’s important to work with an agent who has an in-depth understanding of how to navigate the situation. Here are six tips to help you achieve your goals, even when facing low inventory.
In any housing market, getting pre-approved for a mortgage is always the first step in the home-buying process. When searching for a home, buyers and their agents need to know exactly how much they can offer. And in a market defined by low inventory and multiple offers, sellers may not seriously consider offers without a lender letter. While waiting to get approved, you may be passed over in favor of potential buyers who submit proof of funds and mortgage approval letters with their offer.
Be Patient and Prioritize
Due to increased demand and low inventory, it may take longer to find the right home for you. Patience, prioritization and compromise are key. You may not find the perfect home, but if you know what’s most important to you and what’s just a bonus, you’ll be able to find a home that meets most of your search criteria.
Be Prepared for a Bidding War
A bidding war is all too common in a market with low inventory. If this happens, it’s important to know your limit beforehand and take the time to consider what the home is worth to you versus its current market value.
Make Your Best Offer
Gone are the days of back-and-forth negotiating. If you love a home, be ready to put forth your best offer. Keep in mind, when sellers receive multiple offers, it’s not always the highest one that’s the most appealing. There are other ways to set your offer apart such as making a cash offer, waiving contingencies, or offering a seller leaseback. Discuss with your agent the terms that give you the strongest advantage.
Find an Agent You Can Trust
Above all, find an agent you can trust! Buying and selling a home is exciting, but it can be nerve-wracking, too. The process can be complicated and the stakes are high. At Ebby Halliday Realtors, our agents are experienced, knowledgeable professionals who will always put your best interests first and provide you with the most current market research and strategic advice as you make one of life’s biggest financial decisions. They are engaged every day in the buying and selling of real estate.
Call or text me today and lest’s get started at finding you that dream home.