Finding a Home when Inventory is Low

    Finding a Home when Inventory is Low

    Dec 24, 2020

    We have all heard many times that now is a great time to sell your home since inventory is low - and this is true. The low inventory combined with low interest rates is leading to multiple offers and homes selling above asking price. However, there is the other side to think about - if inventory is so low, then how can a seller find a home to move to?

    Unless they are relocating to another home they already own, sellers could find themselves competing with other eager buyers. Below are a few tips on how you to best position yourself in the low inventory market and find the right home for the right price!

    1. Line up a rental to give yourself more time!

    If you don’t want to feel rushed or want time to make sure you find the perfect home you, then securing a short-term rental can be a great idea.  This will give you time to explore all options and the area you are moving to, which is especially great if you are moving to a new area.

    2. Communicate with your agent about what you want in a new home!

    Let your real estate agent know about what you are looking for, your timeline and your expectations. They can help you create a plan to make it a successful transition. Letting your agent develop a strategy when it comes to making and negotiating offers will be important and they need to know what is most important to you. Listen to your agent on ways to stand out in multiple offer situations.

    3. Be open to a home that may need some updates or repairs.

    You may find a home that has good bones but needs some updating. Don’t let this deter you if like all the other features of the home and area. Also, letting a seller know you understand the condition of the home and will only be concerned with major issues can help make your offer more appealing.

    4. Be mindful of your budget – leave room to offer over asking price

    Multiple offers are common right now and in many cases they lead to a buyer offering over asking price for the home. Consider homes that are listed slightly below your budget to give you room to improve your offer if necessary.

     

    The market moves fast right now. It is important to have the right expectations, be prepared, be flexible and work with a real estate agent to make sure you achieve your goals. Contact Century 21 Triangle Group to find and agent who will be your advocate for your real estate goals!