8 tips for buying in a tight market | Bedford Corners Homes
It’s always hard to predict how long it will take to find a home to buy. Given the current low-inventory environment, it may take you longer than it would in a balanced market that has enough homes for sale to satisfy the current buyer demand.
Patience needs to be a key component of your home search mentality. Even if a home you like a lot comes along quickly in your search, other buyers may have the same idea. You could end up in competition. If you aren’t the winning bidder, don’t let disappointment immobilize you.
To prepare yourself to buy in this market, plan to look at every new listing that comes close to satisfying your wish list. Accept that you won’t find everything on your wish list. Successful buyers make sacrifices. Just make sure to make intelligent compromises.
For example, don’t get so overwhelmed by the urge to buy now that you overlook that a home you like won’t work for you for long. Buying and selling is expensive; you don’t want to do it often. Make sure that a home you buy will suit your needs for years to come.
There are benefits to seeing a new listing that’s a possibility for you in person rather than looking at it only online or having your agent describe it to you. In a low-inventory market, it’s vitally important to become an expert on local pricing. Follow up with your agent on every listing you liked and find out how much it sold for and how many offers were made.
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