While there is strong buyer demand, a giant lack of inventory in the housing market is creating a roadblock. This leaves home shoppers in a tight spot.
The most recent pending home sales report from the National Association of Realtors said that sales have plateaued this fall as buyers struggle to overcome a scant number of available homes for sale and prices that are rising too fast in some markets.
The report added that while existing-sales are projected to expand next year, ongoing inventory shortages and affordability pressures from rising prices and mortgage rates will likely temper sales growth to around 3% (5.45 million) in 2016.
Additionally, Frank Nothaft, chief economist for CoreLogic (CLGX), said in the latest Home Price Index report, “Many markets have experienced a low inventory of homes for sale along with strong buyer demand, which is sustaining upward pressure on home prices. These conditions are likely to persist as we enter 2016."
Since the problem isn't expected to go away anytime soon, Sharon Voss, president of the Orlando Regional Realtor Association, gave a few tips to HousingWire on what home shoppers can do to secure a home when inventory is low.
“If you’re seeking to purchase a home in an area with tight inventory conditions, it’s important to assume that there is going to be competition from other buyers and be ready to quickly make a solid offer,” said Voss.
Here are seven tips to lock in your dream home in a tight inventory environment:
Have your finances in order: Know how much house you can truly afford, repair any credit issues, have your down payment in hand, and delay major purchases.
Get pre-approved for a mortgage, over and above getting pre-qualified.
Determine in advance which home features are “must-have” and which features are “nice-to-have.”
Know what contingencies you are willing to eliminate from your offer.
5. Best offer
Make your best offer up front; you might not get the opportunity to negotiate further.
6. Be available
Be easily accessible and prepared to make fast decisions and to respond quickly to questions about your offer.
Hire a Realtor to help you locate, select, and negotiate.
Author:Deborah Boyd Phone: 940-368-1306 Dated: December 7th 2015 Views: 560 About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.
General Inquiries: email@example.com
Office Number: 1 (800) 683-5651
Texas Real Estate Commission Consumer Protection Notice
Following the ups-and-downs of the housing market can be difficult for
"This is to Express my utmost
appreciation for Realtors Like
I had the Pleasure of being
Represented by Kim as My
RE agent in the summer of 2015.
Aside from a Happy, Satisfied,
Throughout the Home buying
Process couldn't have been
Better Thanks to Kim's Help.
The Professionalism was Great,
Her follow up is second to none;
And I always had full support and
Guidance from Ms.Sherman.
With Full Confidence and from My
Own Personal Experience...
I would strongly recommend Kim
To Anyone who is in the Market for
Their Home Buying Needs and to
those who Expect a Great experience
from Beginning to End...As I Did.
Thanks Again Kim, For Everything;
And Keep Doing what You do Best!
Your Happy client and Friend..."