If you have been reading my newsletter, you already know this. Real estate market conditions are great to sell a home but if you are in the buying side it’s just terrible. Here are some headlines you may have come across:
• Lack Of Housing Inventory Has Denver Buyers Looking At New Construction Market
• Frustrated At Low Inventory In Mid Range Priced Homes?
• SOMETHING FROM NOTHING: WHAT TODAY’S LOW INVENTORY MEANS FOR BUYERS
So what to do? Here are some quick pointers:
1. Start saving in advance (maybe two years) so you have enough for the down payment, closing costs and the costs for the inspection and appraisal. Yes, there are programs and have the seller assist with some of these costs but if you are competing with buyers that don’t need help, you have no chance.
2. Work within your current lease agreement. Don’t start looking for a home too early or too late. You will need flexibility. You may need to pay the premium on a month-to-month lease.
3. Your financing must be exact. Make sure you check the gross income and pre-approval terms such as taxes/insurance are correct so that you know you really, really can’t offer the one thousand to five thousand more that would have gotten you your home. You may also be able to close sooner than you thought.
4. Get updated home lists daily if you need to and be open to other areas. You can check Vida’s site for example.
5. Get a list of other items together: Personalized letter to the seller, be flexible with contract contingencies, earnest money availability, have inspector/insurance contacts ready, etc.
Need more personalized help? Just email at firstname.lastname@example.org or text 720-253-8513.