How to Buy a Home When Listings Are Scarce

How to Buy a Home When Listings Are Scarce

The housing market continues to be tight. Many homes sell within days, or even hours, of hitting the MLS. This condition is likely to persist for months to come.

While this is great for sellers, it can be frustrating for buyers looking for their next dream home. But there is hope! We’ll provide you with some actionable steps to help get you into the right home for you and your family.

First, Have Patience & Stay Objective

The key to getting into the right home for you is to have patience. This is always the case whenever you make a large investment, but it’s even more true in the current real estate market.

Yes, you may be working with a specific timeline, but worrying and overly stressing does no good for anyone. It can lead you to make rash decisions you will regret – like choosing the wrong house or overpaying for the right house.

So first things first: step back, take a few minutes, and think about your next home objectively.

Be Prepared & Keep Your Schedule Flexible

Listings are moving quickly. This means you need to move quickly too. Build flexibility into your calendar so you can make yourself more available for tours of new listings before they get scooped up.

Also, make sure you have everything ready to make an offer – including being pre-approved for a home mortgage. This is critically important!

Ask About Expired & Withdrawn Listings

Not every listing sells. Maybe the seller priced the property too high, got cold feet, or had to make a major repair. Whatever the reason, ask your agent to look through expired and withdrawn listings to find properties that may be a good fit for you.

Your agent can then reach out to the property owners or their agents to see if they are willing to sell and get a showing scheduled.

Search Above Your Price & Negotiate Down

Sometimes you need to cast a wider net to find the right home. The fastest way to do this is to look at higher price points. A good agent will be able to help you negotiate a fair price with the seller that more closely aligns with your budget.

Leverage Your Realtor’s Networks & Find Off-Market Properties

Not every property for sale is listed on the MLS or online. Hundreds of properties change hands every year without ever being listed or seen by the general public.

This is one area where having the right agent can be your secret weapon. An agent that is embedded in the local market knows a lot of people and can often find properties you would have never otherwise known about.

Are You Ready to Start the Search for Your Next Dream Home?

The Pamela Walters Group can help you find the right home for you, even in a fast-moving market. Our agents know the Tyler area inside and out, understand how to match you up with a home that fits your needs, and can negotiate a fair price for you.

Contact Us Today to Get Started!

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