What does “low inventory” mean?

Raise your hand if you've seen a house hit the market, but by the time you open your phone to schedule a showing - it's pending ✋?⁣
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Curious how to handle a low inventory market? Here’s a quick rundown of what not to do as a seller or buyer.⁣
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If you’re looking to SELL:⁣
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Don’t wait. With not many homes for sale, you won't have much competition. Translation? You can likely expect one or more top-dollar offers from eager buyers.⁣
Don’t overprice. Even with low inventory, set your asking price at market value. Doing so means you’re likely to attract more buyers and possibly set off a lucrative bidding war.⁣
Don’t worry. You're going to get a greater return on your investment. Rising prices mean that homes are also gaining value!⁣
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If you’re looking to BUY:⁣
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Don’t wait to get "paperwork ready." Do everything you can NOW (gather down payments funds, get pre-approved, have your home ready to sell) so when you find your dream home you can move, and move fast!⁣
Don’t make a clunky offer. Make a clean offer with as few contingencies and concessions as possible.⁣
Don’t let your emotions run awry. Give your bestie a heads up that you’re gonna need some serious talk therapy. Whether it's a frantic bidding war or losing another home you just knew was the one, you gotta fight to keep your emotions in check. ⁣
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If you've felt the pain of this low inventory market, raise your hand in the comments below! ✋✋✋