Thursday, October 3, 2013 / by William Culp
The temperature in the real estate market has begun to re-adjust; the hot arena once reserved for buyers has begun to cool, and sellers are again taking the reigns. With many markets now displaying scarce inventory stock, and multiple offers making it even more difficult, it's easy to become discouraged as a buyer. However, just because you may be looking for a home in a low inventory market doesn't mean you need to give up your dream of landing your ideal property. Below are four tips for buying in a low inventory market.
Be prepared financially
These days, many buyers won't even work with those who aren't pre-approved. Additionally, it would be heart-breaking to find that dream home only to have someone else buy it while you're going through the mortgage process. Before you even begin looking, make sure all of your finances are in order. This will not only make buyers take you more seriously, but will help speed along the entire process.
Know what you're looking for
From the right neighborhood, to the budget and the number of bedrooms, have a good idea of what you're looking for so you don't waste any time—yours, or your agent's.
Gone are the days when you could mull over a property, or visit ten homes only to circle back to the first one you saw. With properties flying fast, if you see a place you like, put in an offer right away.
If you see something you like, be sure to act not only fast, but smart. Putting in an offer may not be enough. If you can buy in cash, this is more appealing to sellers. Don't have the cash? Another trend that is hot right now is writing a “love letter” to the sellers. Or better yet, make a video. Tell them exactly why you love their home, and tell them a bit about yourself and your family. New baby on the way? Go into detail about how their extra bedroom would be the perfect nursery, and how you can really see your child playing in their big back yard with that maple tree just perfect for a swing. Make them see you as a person and not just a name on a page, and you have a better chance of winning them over.
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