Real estate professionals are helping buyers navigate a housing market, unlike anything we have seen before. To say this is a “seller’s market” would be an understatement with low inventory of homes on the market, a rise in the cost of goods causing construction of new homes to stall in some places, and then combine all of that with a worldwide pandemic that has caused many to reconsider where they plan to live. This trifecta has made it very difficult for those who are looking to a buy home. But fear not, we are going to break down this market, offer a few tips, and help determine what is the best course of action for buyers in this unusual market.
What is going on in this market?
Before the pandemic, we were already seeing low inventory and what was available was being put on the market for at or slightly above the listing price. If someone was truly interested in a home, they would view it and negotiate with their agent to see what could be done. We all know what happened at the beginning of 2020 and the COVID pandemic had many reconsidering what life should look like as a whole and began moving out of metropolitan areas and finding homes they could be comfortable in for the foreseeable future. All of this does not make it easy for potential buyers and makes the competition quite fierce in certain areas.
Is this a bad time to buy?
Not necessarily. For some, they have more dire circumstances that require them to move, but for the others that have a little bit more liberty and time with finding a home, there are some ways to find your dream home, even in this market.
Equipping yourself with an outstanding agent will really help with the process. Utilize their knowledge, expertise, and network in your market to get into that home. A great agent will want to work hard to find you home because that is their paycheck.
How to separate yourself from the competition
There are so many that will become discouraged in this market, but if you are determined to buy right now, it is so important to keep positive and stay the course. Incorporate your search into your daily routine. Expand your network and talk about what you’re looking for with those in your community.
If there is any silver lining to the pandemic, it is that for many, they have been given a unique opportunity to work remotely, indefinitely. If this is the case for you, you may want to consider expanding your search and seeing where else you may be interested in living. After all, you can now go wherever you want!
Staying patient and diligent
Buying a home is one of the biggest decisions you will make in your life and will not happen overnight. Do your research. Be on top of every task required to get you into that home. Be patient and positive, there are going to be some ups and downs in the process. Build a team of trusted and hardworking people that will aid you in this search. Your dream home is out there, go find it!