Let’s dive into what low inventory in the real estate market means for you as a buyer. Picture this: you’re at a store with only a few items left on the shelves. You’ve got to grab what you want before someone else does, right? That’s pretty much what’s happening in the housing market right now.
In September 2023, homes were on the market for an average of just 48 days. That’s two weeks less than what we used to see before 2020. So, if you’re out there house hunting, you’ve got to be ready to make a decision fast. There’s no time to sit around and ponder.
Now, you might wonder, “How can I find a good home in such a tight market?” Well, I’ve got a few tips for you:
- Sacrifice some wants: We all have our dream home pictured in our minds. But in a market like this, you might need to let go of some of those nice-to-haves and focus on your must-haves. Consider finding the least expensive home in the best neighborhood you can afford and plan to upgrade over time.
- Expand your search: If your desired location is too competitive, why not explore a less popular neighborhood? You might be pleasantly surprised at what you can find. A real estate agent who knows the area well can be a great asset.
- Get pre-approved ASAP: This is a big one. Getting pre-approved for a mortgage before you start house hunting is a must in any market, but it’s even more crucial when home supply is low. Imagine two people making an offer on a house, but only one is pre-approved. The seller will likely go with the sure thing rather than wait for the other potential buyer to get their mortgage sorted.
So, there you have it! Navigating a low inventory market might seem daunting, but with these strategies, you’ll be well-equipped to find a home that suits your needs. Happy house hunting!