Buying a home during a time of low inventory.
Home prices are still down and mortgage rates are at their all-time low. It’s a great time to buy, right? Yes, but with inventory so low, it is hard to find a house suitable for your needs!
If you follow real estate at all, you already know we are in a very low inventory housing market. Fewer homes are for sale and that makes competition for the best homes on the market cut throat! Bidding wars are making a comeback but despite these challenges, it is still a great time to buy a home.
The following are some options for home shoppers during time of low inventory:
- If you are tired of losing the bidding battle, consider new construction. Building from the ground up means you can choose your own floor plan, your own home site and all the other details that go into a house. When buying a plot of land, there is no worry if another buyer is going to come in with a better offer. Plus, the inventory of empty lots for sale are a lot more plentiful than those of homes already built.
- For those homes that have stayed on the market for months, even in low inventory times, you can hire a contractor to improve. A strange layout or outdated décor can keep a home from selling in any market. But, if you love the neighborhood and location of the house on the street, consider buying the home and making the updates yourself with the help of a contractor. If the money you save buying the “unwanted home” can be used to remodel the kitchen and replace outdated items in the home, you may end up with a jewel!
- The days of low-balling your offer are over for now. If multiple offers are the norm, making your offer stand out will help you seal the deal. Find out from your real estate agent what types of things might tip the odds in your favor. Did the family already move across country? If so, putting in for a quick closing date may give you an edge over your competition during a low inventory market.
Do you have questions about buying a home during a low inventory market? Please call us!