Currently there are 6 percent fewer homes on the market compared to a year ago. And there are 10 percent fewer entry-level homes, according to data from Zillow.
Why? Homeowners are still underwater (they owe more than their home is worth). They are unable or unwilling to sell until prices rise and they gain equity.
So with all of this, the GREAT houses are going FASTER and FASTER. So you have to be ready and do more to get the home you want.
What can you do to ensure you get the home you want?
1. Get a prequalified letter ahead of time. Preapproved is not the same thing. Prequalified allows you to bid on a house.
2. Put a large down payment down. This shows you are serious with your offer.
3. Agree to terms that make help the seller. Maybe you agree to keep the rusty, bulky outdoor furniture. Maybe you agree to a timeframe that works for the seller (if they are in a hurry, agree to a faster close; if they need to stay in the house longer, agree to wait).
4. Don’t delay. Put your bid in. You can always withdraw. If you love the house make an offer.
5. Don’t do peak. Peak selling season is between April and July. So look outside of those months.
6. Cash is king. Offer cash back at closing. This is a great way to incent.
If you have any questions or want to learn more about this market, please call me at 727.510.1811.