Advice to Buyers, in a Tight Market.

Market trends.

By the end of 2020, the number of homes listed for sale in the United States reached an all-time low. As the vaccine is now available, and the economy is improving, buyers are increasingly motivated. Thus, we anticipate this spring to be characterized by an even lower inventory of homes available to buyers.

If you are currently looking to buy a home, please find tips below:

Trust your realtor.

Create and maintain a solid relationship with your real estate agent. This will increase your chances of finding your ideal home. Your realtor has a scroll of resources, to help you. Thus, they can keep you updated on new listings that meet your needs (as well for homes not yet on the market :).

Be flexible.

You are lucky if you find a home that perfectly suits your needs. Due to limited inventory (and consumers having their own budgeting concerns), most end up compromising. Such compromises may be on the size, location, price, or specific features of the home. As a buyer, make a list of top priorities, as well as those you are willing to compromise on. Be clear with your agent on your down payment, loan amount, and timeline. Then give your agent leeway to meet your needs as perfectly as they can.

Communicate.

Communication is key. Evermore during a tight market. Communicate with your agent, especially if and when your needs, priorities, or budget change.

Be patient.

Home prices are rising. Demand simultaneously continues to increase. Thus, know what you want, what you want to pay, yet be patient in the process (and understand that some compromise is inevitable).

Conclusion.

That all said, there is no security like home ownership. Renting is not the same (nor does it provide us with equity nor with stability). Thus, trust the process and remember that all homebuyers are in the same boat. Your realtor is here to help you through.