Blog > How To Buy a Home When Inventory Is Low In 2021
Some areas are more popular than others when it comes to settling down. From great schools to premium views, each region offers something unique to potential homebuyers. It’s not unusual to encounter low inventory when you’re looking for the perfect property as a result. Learn all about the best ways to buy a home when the 2021 inventory is limited.
- Clean up Your Credit History
Before you start researching homes for sale in New Castle, take a hard look at your credit history. Take some time to clean up any discrepancies, such as a bankruptcy that’s older than 10 years. With an accurate history, any financing for a property will move as swiftly as possible. Sellers who want to close in a hurry will select the buyer with the fewest financial issues.
- Shop for a Loan
Go above and beyond your credit history by shopping for a home loan before looking at properties. Lenders can preapprove a loan to a certain limit, which gives you an edge when you offer an amount on a home. Low inventory means that quick turnarounds are possible. Be ready with an offer that can be instantly funded if accepted.
- Be Aware of Listing Prices
It’s a seller’s market when inventory is low. Most homes will sell at or above the listing price. With this fact in mind, seek out properties in the middle range of your budget. You’ll be able to bid a bit higher if necessary while staying within your budget. Choosing expensive homes will leave you without a solid bid.
- Stay in Constant Contact With Your Agent
Don’t lose touch with your agent because desirable homes might pop up at any moment. Ideally, touch base with your agent each day. Discuss any changes in the neighborhood, and if you should seek out an open-house appointment that day. An area with low inventory will move properties at incredible speed. You want to be the first person to know when a home is ready to sell.
- Get Prepared to Move
Don’t stumble with your preparation by postponing a move-in date. The sellers may want to close as soon as possible. Be ready by packing up a majority of your belongings before an approval even goes through. Once a closing day has been chosen, you can pack up the last essentials with rapid ease.
- Think Outside of the Box
A clever way to stand out from the other buyers vying for a property is preparation. Think outside of the box by having a home inspector ready to go. Sellers will be thrilled to move this process along, which puts you at an advantage as the primary buyer. You may only wait a couple of days rather than weeks for an inspection that must occur before closing.
Remember that patience will be your best friend as you wait for the right property. You may have to sit out a season or two, but closing day will eventually arrive. A dream home can be in your future.