Buying In A Limited Inventory Market
You’ve done it. The time has come and you have decided to buy a home. You’re filled with excitement to start your search only to find you can’t find what you wanted. You get frustrated with your options and you start to worry that your dream home is not out there.
Don’t dismay. When the market is hot and the inventory is limited, there are still things you can do to find your dream home – even when it isn’t listed for sale.
So, what should you do? First and foremost, determine a location before you buy. If you get clear on exactly the location or neighborhood you’re interested in, you can zone in on the neighborhoods or even streets you want and begin searching for someone who is selling their home. So instead of looking at several towns in a neighboring area you are getting to be an expert on your preferred locale and will eliminate any confusion or buyers remorse later that you settled for somewhere you really didn’t want.
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Now that you know where you want to be, the next step is to find it. By now you are surely working with an experienced real estate agent or realtor that can help you find your home. Ask them to look into the expired listings in your preferred area to see if any match your criteria. You may find exactly what you’re looking for AND encounter a motivated seller whose home didn’t sell the first time around.
Just as important as knowing what you want is being prepared before you begin your search. Make sure you get your finances in order before you buy. Start by asking your trusted real estate professional for recommendations on mortgage lenders and see what you pre-qualify for before you start looking. In a limited inventory market, buyers might find themselves in multiple offer situations, so obtain a pre-approval from your lender ahead of time, so you’re ready to make an offer when your dream home does present itself.
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Last, but not least, be available. The real estate market is a fast moving machine. Offers are sometimes made, negotiated, accepted or rejected in the matter of hours. Make sure your agent, lawyer and lender can reach you by phone, email or text quickly if they have questions or need to make changes so you don’t lose out on a great opportunity.
Your dream home is out there. Being proactive and prepared will help you get it.
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