The property market is hot right now, but many families struggle to buy homes due to the shortage of homes obtainable on the market. This situation is exacerbated because many current homeowners stay where they are, rather than downsizing, due to increasing property prices. Of course, this is frustrating for buyers who would like to take advantage of the historically low mortgage rates. If you’d like to get on the property ladder but are worried about the lack of homes available, don’t worry. In this article, we’re giving five tips to help you get past the lack of homes available.
Start Looking For a New Home Now
Finding your dream home can be a challenge—from the best location to the ideal layout and preferred finishings. Unfortunately, no matter where you’re looking in the current market, listings are often few and far between. In addition, when they do hit the market, they don’t last long before buyers snap them up. With this in mind, if you have a location or style home that your heart is set on, it’s wise to start your house hunt as soon as possible.
Get Preapproved
In a market with a lack of homes available, it’s crucial to be as competitive as possible. Put simply, when inventory is low, you should anticipate that multiple offer situations will be unavoidable. Team up with a lender to get ahead of the competition as soon as possible. A preapproval letter enables you to determine how much budget you’ve got to work with. In addition, getting preapproved lets, sellers know that you’re serious about buying and able to move quickly. If you’re purchasing in cash, be sure to have proof of funds documentation available.
Keep Your Offer Clean
If you want to give your offer the best chance of acceptance, keep it as clean and simple as possible. This means keeping required contingencies to a minimum and not asking for seller’s concessions! In a competitive market, it’s common for buyers to reduce or completely remove contingency periods. They do this with the intention of making their offer appear more competitive.
However, there is one contingency that a buyer should never waive, and that’s the inspection contingency. If you waive your right to a residence appraisal, you agree to buy the property as-is—regardless of any issues it may have. If you’re unsure about contingencies or don’t know how waiving one will affect you, it’s essential to weigh up your options with your real estate agent.
Don’t Low Ball Your Offer
When homes are in short supply, it’s important to put your best foot forward. Sellers are more likely to consider your offer if it at least meets the list price. Of course, if it’s within your budget and you believe the home is worth it, you should consider offering over the asking price. Your preapproval letter will help you determine your budget and a realistic offer price. Be careful not to offer more than you can afford. Offering above your preapproval amount could land you in a bind when you get to the closing table.
What To Do When There’s A Lack Of Homes Available
In a tough seller’s market, where families struggle to buy homes due to a lack of homes available, it’s important to work with an experienced real estate agent who can protect your interests. An acquainted real estate agent can help you find the listings that meet your needs, so you can progress quickly when a chance arises. To learn more about the benefits of working with a real estate agent as a buyer, check out the Your House Guru blog, “The Pro’s and Cons of Using A Buyer’s Agent When Buying a Home.”
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