19 - What To Do When Real Estate Inventory Is Scarce
Play • 26 min

The Problem:

Inventory is exceptionally scarce right now.  That means that there are way more interested buyers than there are homes available.  Open houses have long lines, and most decent places are going under contract way too fast.  Buyers don’t have a chance to think, they’re outbid, and they keep losing out on homes for sale.

What can they do:

  • Prepare in advance.  Have the pre-approval ready to go before looking at houses.
  • Be educated.  Know what’s in the market so you can move quickly.
  • Accept that the first offer is likely going to be a learning experience.
  • Look beyond NEW listings.  Those are the ones generating the most interest and the bidding wars.
  • Properties that have been on the market longer have less competition and more negotiating room.  Try to determine why the listing is still there – overpriced, needs specific buyer, has problems, sellers are difficult, etc.
  • Look at properties that recently went under agreement.  Submit a backup offer while you’re looking elsewhere.
  • Jump on properties that are back on market.
  • Look at canceled and expired listings.
  • Try to buy homes that are listed for rent.
  • Look at new construction.
  • Craft offer to be flexible for seller.
  • Have some patience.

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