May 22, 2019
Once upon a time a typical buyer might expect to look at 8-12 homes over a two week period of time. They could then take a day or several days to weigh the pluses and minuses of each home offered on the market. They could take a second and even a third tour of a home in order to see if the dream of where they want to live was met the offerings in the market.
NOT SO IN TODAY’S MARKETPLACE! Inventory has loosened up considerably, but still not enough to fully meet the demand of potential buyers clamoring for a look at everything that hits the market; often within hours of that happening!
The market dictates fewer homes looked at, in less time with decisions being optimal within hours of the original showing.
While choosing the house you are committing to pay for and live in for possibly the next 30 years surely hasn’t suddenly gotten easier, inventory levels hovering at 3 months or less does place a strain on the process for a buyer.
You may find yourself competing with cash buyers who aren’t expecting any seller participation in repairs no matter what the inspection may reveal.
You may find yourself competing with other buyers, who have been looking longer and, having lost one or more houses to other buyers, are far more aggressive and far less demanding!
You may find yourself having to look outside your ideal neighborhood due to lack of sufficient homes being offered for sale.
In spite of the plentiful data pointing to favorable seller conditions, sellers don’t seem to be eager to jump into the market in robust enough numbers to fill the current demands.
Overcoming the challenges is what your local marketing specialist excels at accomplishing! Despite the very real struggles, you do not have to settle for less than the dreamt of features you desire in your new home! You do, however, need to be prepared to move quickly and decisively once that house is located.
Here is how you will overcome the slim pickings in the marketplace:
- Set a closing date for as soon as your lender can possibly agree to close!
- Write an Earnest Money check that tells the seller in no uncertain terms: WE ARE READY, WILLING AND ABLE TO PURCHASE THIS HOUSE!
- Be prepared to do some repairs and/or renovations without seller participation
- Pay your own closing costs
- Be fully approved with letter in hand for a mortgage or offer cash