Dealing With Low Inventory When Buying a Home

Dealing With Low Inventory When Buying a Home

Buying in a market where there are more buyers than homes for sale can be frustrating, but certainly not impossible. Follow these tips to improve your chances of reaching homeownership: 

Housing Inventory

1. Be Prepared.

Be prepared (mentally and emotionally) to face competitive bidding wars. Keeping a positive attitude and having a professional REALTOR® on your side can make all the difference.

2. Don’t be overly choosy.

If a home checks the majority of your boxes, don’t let something minor, such as paint colors or light fixtures, get in your way of making an offer. 

3. Act fast.

Make a list of your wants and needs in a home before you start your search. This way you know exactly what you are looking for, lessening the need to “think about it” when the right home pops up.

4. Don’t get discouraged.

This may be easier said than done, but if you have all your prep work and financing in place, are working with a professional REALTOR® and don’t give up, sooner or later you will find yourself at the closing table!

5. Price isn't the only way to win a bidding war.

Write a Personal Letter

Adding an emotional touch to your offer can never hurt, and can definitely tug at the seller’s heartstrings! Include with your offer a personal note to the seller explaining your personal situation and how you see yourself and your family cherishing your life and making memories in the home. You might be surprised how often this technique works!

Be Flexible

Closing date flexibility and being able to accommodate the seller’s scheduling needs can really strengthen your offer. Also consider what other contingencies you are asking. Do you really need the seller to pay for 100 percent of the closing costs or leave the hot tub on the back deck? The less you demand of the seller, the more appealing your offer will be. 

Financing Terms

Working with a trusted and reputable lender can make a difference when you find yourself in a bidding war. The seller may accept your offer simply because they are  confident that your financing won’t fall through before closing.