Imagine that you have taken all the necessary steps to prepare your family to purchase a new home. You have a great relationship with a REALTOR® and are deep into the house hunt, but realize there's not much to look at. Having few options, or maybe even nothing for sale in your price range is increasingly common for many homebuyers. The number of homes available to first-time homebuyers has dropped 12.1% since 2012. Even so, the good news is you can still buy a home, even in a market with low housing inventory. Here are a 6 game-changing suggestions:
- Offer A Higher Price Up Front, Within Reason
- "I recommend to go in with your best and final offer immediately," says a Boston, MA, agent. Offering a higher price can be tricky when you're buying a home. You'll need to make sure you can afford — and get — a bigger mortgage.
- Act Quickly, But Practice Patience
- "Be ready on a moment's notice to make an offer on hot new listings," but remember what makes a home right for you.
- Be Flexible on Closing Dates
- How can you speed up the closing process? Try having an inspector ready to shorten your inspection time frame. Also, if you’re pre-approved, try closing as an all-cash buyer through your lender.
- Rent the Home Back to the Sellers
- Timing can make a major difference. Consider how hard it can be for a seller to sync the sale of their home with their new home's move-in date. If you can postpone your own move, offer to rent the house back to the sellers for a short time.
- Write A Great Offer Letter
- Try crafting a letter explaining who you are and why you love the house and neighborhood. "Sellers love a good story. They want to see their pride and joy go to someone they like.”
- Think Outside the Box: Try Landlords
- Ask if they'd be interested in selling. You never know; not all landlords want to be in the rental business.
Get the full details on these innovative strategies here.