So its the lowest inventory market since the inception of MLS Online. That is 17 years. That means it’s GREAT time to be a seller…but where does that leave the buyers? What can you do to help yourself while shopping in a market like this?
1. Choose The Right Realtor: Okay so its not like the right Realtor is going to miraculously produce homes that no one else is seeing, right? But actually- sometimes, your Realtor is actually miraculously producing homes that no one else is seeing! If you work with the right Realtor he/she can expose you to pre-list homes that either they or their company are listing. The right Realtor can also reach out to other agents they have had successful transactions with in the past and ask what they have coming on the market. Working with a top Realtor in your area means they have tried and true relationships outside their brokerage. There is no better connection than when a seller’s agent WANTS to work with your buyer’s agent because they already know they are fair, organized, and ethical. The right Realtor can also prospect for you by even sending mailers to your preferred neighborhoods. I know I have said it before, but in a market like this it is truer than ever, not all agents are created equal.
2. Tell the Whole World You Are Looking for a Home: Shout that from the roof tops! When it comes up in conversation with a co-worker that their brother wife sisters hairdressers cousins mailman is listing their house for sale that information is priceless! Get that name/address, give it to your Realtor and get into that house before anyone else does.
3. Try Your Best Not To Panic: When your agent tells you its okay, and inventory will increase -trust them! We have been dealing with low inventory spring markets for the 4th year in a row now. And it is always darkest before dawn, so when we tell you it will get better, it really will get better.
4. Take this Time to Get Your Pre-approval Locked Down: There is no better way to beat the competition than to be prepared! And I mean really prepared. It’s one thing to have a pre-qual, its another thing to be able to tell the seller you have an actual pre-approval where your pay stubs and tax returns have been reviewed by a premier lender. Buyers who take this step seriously and work with a well known local lender and not a bank – are far more successful in a multiple offer competition. It’s coming, so get ready! Another great thing about speaking with a knockout lender is that there may be more options for your purchase than you originally thought. You may learn that you have more spend, which in the end can open more doors. (Pun Intended)
5. Get to Know Your Potential Towns & Neighborhoods: When the right home comes up it is often too late to ask yourself these questions….Do I want to live here? How is my commute going to be? How are the schools? When a house match comes in believe me we are going to act faster than you can say HGTV. Go visit town centers, drive through neighborhoods and imagine yourself living there. Visit open houses in neighborhoods you like even when that particular home might not be in your price range. Ask your Realtor to pull information on the neighborhoods, towns, schools demographics, and ask the neighbors that are at the open house these questions too (because there are always neighbors at an open house!). Not only is it great research for your home hunt, but it is also a really great feel good activity to help pass the time while we wait for the inventory fairy to shine down on us!
Darlene Umina, Realtor 