Looking for a home and feeling overwhelmed by the lack of homes in the market? Here are some tips on how to successfully purchase a home in a low inventory market.
What is a low inventory market?
A low inventory market means that there is a high demand for buyers looking to purchase and a low supply of homes listed for sale. This absolutely does not mean that purchasing your dream home is just a dream. It just requires some patience, flexibility, and a great real estate agent. Below is the latest graph on the Coachella Valley's Housing Inventory.
Working with an agent
A great real estate agent will truly make the world of a difference when looking to purchase a home. The best part is that this service is completely free! The seller pays the agent commissions. This means, as a buyer, you have all the support, experience, knowledge, and guidance of an agent at no cost to you! With our agents, you can describe the type of home, location, and style of your home and they do the searching for you. We can also send live videos, FaceTime, and texts to show you the properties you are interested in before even making the decision to see it in person. Our agents understand that your time is valuable! Get to know us and check out our agent's about me pages.
Be flexible about your home criteria
We completely understand those key features in a home that are non-negotiable. For example, we would not expect someone with a need for more space and rooms in their search to settle for a home that won’t fit their needs. But there are some criteria that could have some flexibility like the cabinet colors in the kitchen or a type of style of home. We have seen many people expand their parameters and fall in love with a home they never would have even thought to look at.
Take a drive
If possible, take a drive around the neighborhoods you would love to purchase a home in and look for any coming home soon signs.
Consider new construction
This may be suitable for buyers who are okay with waiting a little while for their home to be built. New construction homes are now generally around the same price as established homes.
Set up new listing alerts
Get notified when new listings come up. Make sure to opt into notifications on new listings so you don’t miss out on a property you may love.
View Latest Listings Here
Save properties you are interested in
It’s a great best practice to check in on listings even after they go off the market. Sales fall through sometimes, and that could be your second chance to purchase a home you had your eye on. Now, this does not mean that it will for sure happen, but you can always look back at the listing.
Buying a home in this market is not only doable but can be an enjoyable process. Just make sure to have some patience, flexibility, and of course, a fantastic agent.
The Wasserman Real Estate Group is a team of determined and passionate industry professionals, who will help you navigate the real estate market in Palm Springs and surrounding communities. Wasserman Real Estate Group is dedicated to find you the perfect home!
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