Homebuyer Tips for Coping With Low Inventory in a Seller’s Market

Finding a perfect house is exciting, but low inventory can be frustrating. Some buyers lose out to those with higher bids or cleaner offers. With the unpredictability of today’s real estate market, winning a decent home requires bidding right. It would be best if a buyer also moved with speed and competitiveness to secure the best property. Below are homebuyer tips for coping with low inventory in a seller’s market and avoiding obstacles.

1. Limit Contingencies in Your Offer

Finance and inspection contingencies are beneficial. They allow you to inspect and negotiate a home but can reduce your chances of winning a deal in competitive markets. Sellers prefer buyers with flexible and clean offers when inventories are low. This requires you to adjust your bid upward and reduce contingencies to make your offer appealing to more sellers.

2. Smart-Check Properties 

In most markets, not all homes are perfect despite low inventories. It is important to prioritize your preferences and deal breakers to uncover an ideal home. Also, consider looking at withdrawn and expired listings. Sometimes, their owners are unaware of the market trends and could still be willing to sell. Contact the seller and express your interest if the price is reasonable. If there are renovations to grapple with, assess the cost involved. Determine if the repairs outweigh the price of the property, keeping in mind the resale value.

3. Get Pre-Approvals Before Shopping for a House

Most sellers prefer fully approved buyers to those with pending financial issues. Dealing with a mortgage application ahead of time shows you are a serious buyer. It is prudent to build your equity faster with AHM zero programs and get your approval ready, considering you will only have a few days to submit an offer. Doing this will give you maximum purchasing power with no occupation restrictions.

4. Consider Virtual Showings

Getting into a home contract without touring listings in person is unwise. It can lead you to buy a substandard property. But again, previewing homes before closing the deal will enable you to narrow your options. You can use virtual self-tours to view the 3D dynamics of the houses before buying. You can also capture sellers’ contacts on real estate tools and social media platforms ahead of other buyers.

5. Move With Speed but Cautiously

In a low inventory market, landing a house can mean you move at a moment’s notice. Hot listings never last long, and some sellers want a quick closing of deals. An excellent way to speed up your buying process is to shorten your inspection time. Ten days are enough to assess the houses and close an all-cash purchase if you have an inspector ready. But again, it is crucial to observe caution since not all available properties will suit you.

6. Go For Trusted Advisors 

The real estate sector is more competitive than ever before. Finding a reliable lender or agent can be a challenge. As a homebuyer, you need supportive experts with extensive knowledge of the local home market. The specialist you go for should help you craft a winning offer and call you whenever they find an excellent property on sale.

You can spend months searching for a home to buy with little to no success in a low inventory market. You can also be proactive and find cheaper but outstanding homes in a shorter time. The trick lies in the real estate targeting strategy and agent you leverage. Luckily, Atlantic Home Mortgage has your back throughout the home buying process. Our loan officers will help you find workable ways to buy your home, despite being in a low inventory market.