Inventory has been incredibly low! This is definitely an issue, and this means slim pickings for buyers! For perspective, inventory was down 22% in November 2020 compared to the previous year. There just weren’t enough houses for sale over the year to meet buyer demand. Due to the coronavirus, many people were not moving and it’s most likely to continue for the early part of 2021. The good news is the builders are excited to fill the gap and they will be building more in 2021. So slim pickings for home buyers may just be a short-term thing. If you are in the market for a new home, this may be your time!
But don’t worry, we’ll walk you through what to expect as you enter the market whether it be for an existing home or a new home.
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. In November 2020, more than 7 in 10 sold homes were on the market for less than a month. In early 2021 the pickings are even slimmer. 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 pre-approved ASAP. Getting pre-approved 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 pre-approved buyer free reign to swipe the home you want right out of your hands.
Here is my preferred lender, if you would like to give him a call:
Tom Tevis at Fairway Mortgage. His number is 972-754-4677. His website is www.applywithteamtevis.com.
GoalLine Real Estate buyers’ specialist is our very own, Mindy Short. If you have questions about buying in this competitive market, please feel free to reach out to her at 214-674-8004 or at mindyshort@kw.com.
Beth Brake REALTOR®
Positively changing your life as you move forward to your dreams.
214-769-2947