Low Inventory? Check Out These Tips To Get The Home You Want

Various factors contribute to whether the housing market is primed in favor of buyers or sellers. Currently, buyers are facing a number of challenges. More and more people are looking to upgrade their homes or relocate due to factors imposed by the coronavirus. They are also interested in taking advantage of the low-interest rates available right now. Unfortunately, it would seem that homeowners aren’t selling in large numbers at the moment. Though these circumstances may make it more difficult to find the home you want, there are things you can do to improve your chances. Check out these tips for buying a home when inventory is low.

Secure Financing

When looking at homes for sale in Dallas, you’ll have better luck if your financing is secured prior to your search. You need to move quickly when you find a house that meets your criteria. Getting pre-approval on a loan can help you to do that. Your secure financial status will also be appealing to sellers when they’re evaluating competing bids.

Know What You Can Afford

To save time, you’ll want to focus your attention on the homes you can realistically afford. That’s why you’ll need to know what the top and bottom of your budget looks like. It’s wise to stay below the upper limit so that you have some leverage in the event of a tight bidding war. Try to keep an open mind and know that you’re not likely to get every feature you want. Make a prioritized list and look for ways you can make changes or upgrades so that potential homes can meet your wish list.

Be Flexible and Accommodating

When the market is tight, you’ll want to do everything you can to make your bid appealing to sellers. Offer a higher bid when you’re really interested and there are multiple bids. Be willing to concede to seller demands, such as allowing them to live in the home while they close on their new property or until their children finish the school year.

Prepare to Move Quickly

On the other hand, you’ll want to be prepared to move quickly if the sellers seem to be eager to seal the deal. Ask your real estate agent to provide advice on ways to do this like signing an escalation clause, offering earnest money or an additional downpayment, and agreeing to a pre-inspection. Be ready to physically move from your current residence so that there’s no holdup regarding move times.

These are a few of the best ways to get the home you want in a low-inventory market. Sellers may have the advantage, but there are a variety of methods at your disposal to make you a more attractive buyer.