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 ✋?
Curious how to handle a low inventory market? Here’s a quick rundown of what not to do as a seller or buyer.
If you’re looking to SELL:
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!
If you’re looking to BUY:
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.
If you've felt the pain of this low inventory market, raise your hand in the comments below! ✋✋✋