Inventory levels continue to be at record lows, making it difficult for many buyers to secure a home. Here are three tips to help you succeed in this market.
- Consider the outcasts. If you aren’t having luck, consider homes that have been on the market for a while if they are in a location you like. They may not be as enticing as the homes on the rest of the block, but that may mean less competition and more leverage in negotiations… resulting in more equity building opportunity.
- Consider a home that is smaller than you want and expanding it. Not everyone is capable of doing this, but if you have the resources and the patience think about buying a home that is smaller than you want and expanding it… just be careful that the neighborhood will support the value of what you plan to do. One example in the photo above.Â
- Be pre-approved for financing, not just pre-qualified. Every advantage can help, especially when you are in multiple offers. Make sure your lender understands your financial situation, including review of your income and assets so they can speak to listing agents with confidence if they call when you make an offer. Especially in multiple offer situations, having your lender initiate a call to the listing agent can be the thing that tips your offer in your favor.
- Be flexible. Flexibility to meet the sellers closing timeline can be just what they are looking for and make yours the winning bid.
- Write a letter to the seller. It used to be that writing a letter to the sellers letting them know a little about you and why you would be a great buyer for their home was something that set a buyer apart from other buyers. Not any more. Now, NOT writing a letter can be what sets you apart and assures that you won’t get the winning bed. I have had sellers ask “where is their letter?” when a buyer didn’t submit one with their offer!
