Real estate analysts are all abuzz with the words, “low inventory,” during spring 2017. It’s true that there are fewer houses on the market this year compared to last year. But, trying to purchase a house in a market that’s low on houses isn’t all bad. With some help from the pros, you can make your offers stand out from the crowd. Learn the tops tips for buying a house during a season of low inventory from our real estate experts.
Homes are selling faster than ever
According to Redfin, homes are selling 8 days faster this year than last year. While it may not seem like much, 8 days can make in a huge difference in the life of a listing on the market. If you are a buyer who is trapped in the middle of this heated seller’s market, change your tactics to suit the sellers and you’ll win out. You’ll want to be ready to make decisions quickly and to have your list of wants and needs already in hand. If you are touring houses casually, you might be wasting your time because those homes will be snatched up by motivated buyers. Another thing you can do to prepare to get the house you want is get pre-approved by your lender before searching for homes. This will help you have a budget in mind and will let you know how much you can afford in a house.
Be ready for a bidding war
Be mentally prepared for every house to have multiple offers. When there are fewer homes on the market, those few remaining will get more attention. This means that you should be ready with strong offers and also prepared to up your offer game if you really want the house. Try to think of things that will make your offer stand out like a random number or writing a letter to the seller about yourself, your family, and what this house would mean to you. Being willing to make your budget stretch a little bit can get you the house you really want.
Make decisions with haste
Another smart tip for being successful during a seller’s market is to make decisions quickly. Of course, the decision to purchase one home over another shouldn’t be made rashly and without a great deal of thought, but, once you find a house that meets your needs, waiting to put in an offer could cost you the house. Many buyers are feeling a little frustrated at the lack of inventory on the market and houses they want being snatched up before they get a chance to put in an offer. Exercise patience and you’ll be rewarded in time by the right property.
These are the housing market conditions we are facing in spring of 2017. You can be successful as a homebuyer, even a first time homebuyer, in this market. You just have to know how to do it! Let your agent be your guide. Realtors are well versed in the ups and downs of the real estate market and they will be in tune with how the market is doing. They can help you to make a decision and also to bid and negotiate on the house that you want. The Bob Lucido Team has the #1 Keller Williams Team in the world and is ready to help with all your real estate needs. Give us a call today! We’d love to answer any question that you have.