The real estate market is in a constant state of flux. Sometimes there is a shortage of houses available for sale , creating the environment for a seller’s market, which can lead to higher prices and bidding wars on desirable properties.
Many times it’s the other way around- a buyer’s market. That’s when buyer’s have more leverage than sellers and are able to negotiate a lower price for a home or get closing concessions.
As of today it’s a seller’s market in the U.S. and has been so for the past three years. Many cities simply can’t keep up with the demand for homes. To top it off, new home builder’s have not been able to meet the demand for more inventory.
Without further ado, here are 8 surefire ways to find your dream home in times of an inventory shortage:
- Find a ‘Make Me Move’ listing on Zillow. These days homeowners have an option to post a price they would consider to move from their house without actually placing the property on the market.
- Ask your real estate agent about ‘pocket listings.’ Your agent usually has access to listings that are not publicly advertised or that do not have signage.
- Find ‘pre-market listings’ before they hit the MLS. A good agent will be in the know about listings weeks ahead of time.
- Scour rental properties. Sometimes homeowners who get in a bind with their mortgage payments put their property up for rent. These owners might consider selling for the right price.
- Look for withdrawn listings. Have your real estate agent contact owners who have pulled their home from the market to see if they would entertain a new bid.
- Find expired listings. There may be all kinds of reasons why a listing expired. Maybe you can sweet talk the homeowner into selling to you.
- Network. Talk to people about your search for a home in a certain neighborhood; they may have some hot leads nobody knows about.
- Consider ‘For sale by owner’ homes (FSBOs). These sellers are not doing themselves a favor by wanting to go it alone. Nevertheless, you might be able to find a perfect property listed as a FSBO. One way to find these properties is to drive the neighborhood you like and look for any FSBO signs.
This was the fourth article based on my book Keep Calm…It’s just Real Estate. Stay tuned for more great tips from the eCommission team and myself!