Okay, this is probably the hardest real estate trend to swallow—so brace yourself: Inventory has been incredibly low! There just aren’t enough houses for sale to meet buyer demand.
But don’t worry, we’ll walk you through what to expect if you enter the market.
What Slim Pickings Mean for Buyers
Low inventory means you need to be on your toes when you go house hunting—the best homes will likely be snatched up fast. 7 out of 10 of homes sold were on the market for less than a month. That doesn’t leave much time to hem and haw over your home search. If you want to find a good home in this slim market, here’s some advice:
- Sacrifice some wants. If you can’t find the house you want, be willing to give up some “nice-to-haves” for your “must-haves.” Find the least expensive home in the best neighborhood you can afford and upgrade over time.
- Expand your search. What if the location where you’re planning to buy is too competitive? You might be surprised at the gem you can find in a less popular neighborhood. Working with a real estate agent who really knows the area is the best way to find a home that fits your budget and lifestyle.
- Get preapproved ASAP. Getting preapproved for a mortgage before you go house hunting is a must in any market. But in a market with such a limited home supply, not doing this legwork ahead of time gives a preapproved buyer free reign to swipe the home you want right out of your hands.
What Slim Pickings Mean for Sellers
Low inventory means low selling competition! You can probably expect to see offer letters flooding your mailbox the same way Hogwarts sent Harry Potter his acceptance letters. Since your home will be one of the (relatively) few listed on the market, you could be in the driver’s seat. So enjoy possibly picking the best offer and moving at a pace that best suits your timeline.