It’s been about 8 years since inventories oh home sales have been so low. A six month supply of homes for sale is considered normal, however we are at a 4.2 month supply right now.
For the past 6 years home buyers have enjoyed a wide selection in most markets with competitive prices and exceptional interest rates. Perhaps the most surprising is the inventory drought. Now that the environment has changed, here are a few strategies to employ:
1) Get preapproved, sellers are impressed when you qualify for a more than the list price even though you don’t want to go that high
2) Don’t compromised, be flexible but figure out what you can and can’t live without
3) Keep looking, there are properties listed all year round, give yourself more time to shop
4) Expand your hunting ground, the wider your search, the more opportunities you will have
5) Go to open houses, they are networking opportunities, sometimes you can get a lead on a home before it’s listed
6) Look beyond the online listing, photos and copy may not to the listing justice
7) Place a winning bid, more than just money are the other options sellers are looking for, a rent back, quick closing, etc.
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