Finding a home during low inventory.
When it comes to real estate, it is safe to say that today, inventory is low. The Lawhead Team has some tips to finding the right house for you even in times of low inventory.
This spring, it looks like home buyers will have to deal with the lowest inventory we have seen in years. Most homes are usually sold between March and July, making it easier for families to be settled in before the new school year starts.
The following are some strategies to finding your home even in a time of low inventory:
Pre-Approval – Before you start looking for homes, it is important to get pre-approved for as much as you can afford. When making an offer during low inventory, sellers will be impressed you qualify for more than the list price even though you don’t want to go that high.
Compromising – If you are looking for a started home you’ll sell in a few years or a retirement place you’ll plan to live out your life in, don’t let the low inventory situation make you compromise on your dream. But remember, be flexible. What can you live without in your new home?
Persistence – Just because spring is here doesn’t mean you have to buy. Properties are sold year round and if you give yourself more time to shop during low inventory, you’ll increase your odds of finding what you are looking for.
Expand – Look at homes that may be a little further than you had planned. Widening your search during a time of low inventory will help you have more opportunities to find the home you’re looking for.
Open Houses – Open houses are a great opportunity to meet with other agents who have active listings in the neighborhood. Sometimes you can get a lead on a home before it is even listed – a huge benefit during a time of low inventory.
Deeper Look – Don’t judge a book by its cover. During times of low inventory, viewing a home online and making your decision that way may cause you to lose out on a potentially great buy. If the home is in your budget and in your neighborhood, look at it in person. You may be surprised.
Money – Winning a multiple offer bid takes more than just money. If there are certain little things you know the seller needs or wants, offering to help out may make your offer the winning bid. This is especially helpful during times of low inventory when every home has multiple bids on it.
Do you need help finding a home during this time of low inventory? Call The Lawhead Team!
