Buying or Selling a Home When There is a Shortage of Inventory

Filed under: Temecula Real Estate

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In our current real estate market, inventory is low. Right now, there are not enough homes for the buyers out there. So, many people are asking questions about the best strategies to buy or sell a home in this type of market. Here are a few tips for both buyers and sellers:

Sellers

Don’t get too anxious! Allow the home to sit on the market for long enough, to ensure that you get the proper amount of traffic through the home before making a final decision. However, if you need a quick sale because you are on a tight timeframe, then there is nothing wrong with taking an early offer to finalize the deal.

Make sure that your buyers are prequalified. There is no reason to tie up the transaction with questionable buyers when there are other people interested in the property. Work with your real estate agent to do a little research before you decide to accept the offer. Once you are in escrow, it’s too late. So, it is better to do the research before you get to that point so that you can avoid a few weeks of wasted time with a buyer who may not qualify for a loan.

Buyers

You are in a competitive market, which means that you need to separate yourself from the crowd. These are a few easy ways that can help you stand out:

  • Write a personal letter from your family to the seller. Be authentic in the letter. Tell them things that you like about the home and why you want to buy it. Describe your family a little bit. Sellers like to know that a family may be moving into the home, as opposed to an investor.
  • Provide an up-to-date pre-qualification Don’t use the same old letter over and over again. If you haven’t talked to your lender in a few months, then it might be time to get a fresh pre-qualification letter. Recent pre-qualification letters look better in the eyes of the listing agent.
  • Get pre-approval for the loan. One step better than a pre-qualification letter is a pre-approval. Show that you have already been run through the underwriting system to make the sellers more confident that you will qualify for the financing.

It can be stressful to buy a home in this type of market. But, if you set aside a few things that you are going to do upfront, then you can significantly increase your chances of having a successful transaction.

Need more information? Call, text, or email to talk to me about the Temecula real estate market: (951) 473-0390 or [email protected]