Now more than ever, there’s much more demand for houses, but housing inventory hasn’t been able to catch up. Once you do find the right house, you might need to be flexible with a few things to make your offer more appealing. Remember, the seller has other options. So, if you nitpick on repairs they might decide they’re better off saying no to everything and waiting for a better offer to come along. If the repair is absolutely necessary, then go ahead and ask. But if it’s something you can fix yourself, or hire someone for a reasonable amount, then don’t ask for it.
Here are Tips for Buying & Selling Homes in a Low-Inventory Market According to the Wall Street Journal’s “The 2021 Real Estate Guide.”
Tips for Buyers:
- Be flexible on timing
- Don’t wait
- Get creative
- Work with a local lender
- Pay with cash, if possible
- Consider waiving contingencies
- Consider an escalation clause
Tips for Sellers:
- Price Correctly
- Buyers and agents have access to pricing information and likely won’t be interested in a wildly overpriced property.
- Remove Objections
- Get rid of things that could potentially turn off buyers.
- Paint kitchen cabinets white. remove wall-to-wall carpeting, deep clean to remove pet or cigarette odors.
It’s getting harder to find starter homes for sale. But if you know some tricks of the trade, it’s still possible to find and buy the perfect one for you. Once you’ve taken all the steps to prepare for buying a home, you’re ready to begin the house hunt. Low inventory definitely gives an advantage to sellers right now since there isn’t as much product to sell compared to normal trends. As a buyer, you need to be ready to move fast when you find a home that matches your goals. Prices are going up due to supply and demand.
Have you thought about listing your home for sale, but are unsure if now is the right time? Inventory is low in the Bay Area. That means very few homes are being listed, but buyers are looking to buy. High demand and low inventory equal a seller’s market – and that’s where you come in. List your home now and take advantage of today’s low inventory. Have questions? Contact us for more information!