Tips to Buy a Home When Listings Are Scarce

Listings are scarce, but your heart is set on becoming a homeowner. When you see a home you like, it’s either sold already or your offer gets rejected, and you start back at square one. Who knew searching for your perfect home could be so daunting? Don’t lose hope because we have amazing tips for you that will help you and your family move into your new home!

• You Need to Have Patience

We know it’s harder said than done but trust us here: don’t let your patience waver. You’re fully invested in buying a home. With homes going off the market quickly, the housing market is really testing your patience.

You have a specific timeline that you want to meet, but right now, you’re nowhere near meeting it, and that’s okay. The last thing you want is to make a rash decision and buy the wrong home or pay more for the right home. Pause, reflect, and then start house hunting objectively.

• Prepare Yourself and Be Flexible

Have you been pre-approved for a mortgage yet? If you said no, let’s make it into a yes and get you a pre-approval letter. When you find a home, being pre-approved for a home mortgage increases the chances of the seller accepting your offer, as you have everything ready. This also shows your serious and can give you a step up on the competition. 

You’ll also want to be flexible— more than you are now— for touring new listings before someone else does. The more you work with the seller, the greater your odds of being the one who gets the home.

• Look into Expired and Withdrawn Listings

Unfortunately, not every house sells. Perhaps, the seller priced the home too high, had to make major repairs, or backed out because they got cold feet. Regardless of the reason, it’s a good idea to look into expired and withdrawn listings. 

You may find the home of your dream in that list. Your real estate agent can talk to the buyer’s real estate agent or the sellers directly to find out if they’re still willing to sell their home.

• Search for a Home Above Your Budget and then Negotiate

You need to look at every home and when the listings are scarce; you should also look at homes that are outside your budget. If you like a home that’s slightly more than you can afford, your real estate agent can negotiate with the seller’s real estate agent to agree on a price that’s fair to both parties.

• Discover Off-Market Homes

You need to look for homes that aren’t listed online or on the MLS. You may be surprised to see the number of properties that are listed off-market. Your real estate agent can provide you access to those homes by leveraging their vast network. 

Northwest Mortgage can help you obtain a pre-approval mortgage for your new home. Contact us to discuss your options.