How To Find A Home When Inventory Is Low, Rates Are High

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Be patient, but keep trying.  You will find a home eventually and doing so will put you in a much better economic position, so it is worth the wait and effort to hang in there.

Yes, it is frustrating to be out shopping for a home these days with the low inventories and rising rates, however, getting into homeownership and staying there is worth the trouble. A vast majority of homeowners have started, and maintained, their wealth through real estate ownership. There is no reason why that shouldn’t continue to be the case moving forward. As soon as you can, you want to “FIX” your monthly housing expense and get away from nagging rent increases.  Hence, prepare yourself for homeownership by getting your credit as pristine (i.e., making your payment obligations on time, and minimizing your non-real estate debt) as possible. Work towards getting a fulfilling well paying job. In addition, work towards growing your liquid assets so you have a down payment and ample cash reserves for a down payment and closing costs to get you into real estate ownership and to get you through times of economic challenges. Lastly, make sure that you are thoroughly prequalified by a reputable lender to get the financing you need to buy a home.

Once you are in a position to be able to buy your first home home or buy another home, know that you need to get more aggressive when shopping for a home when inventories are low. Don’t be afraid to put in “back-up” offers on properties that others have tied up.  Escrows fall out all the time and sellers love the comfort of having a back-up offer.  Many buyers get their homes this way, when the first buyer falters for one reason or another. You can also have your realtor reach out to homeowners in the areas you would like to buy in that don’t have their homes on the market at this time. They may want to sell to you and could avoid the hassle of marketing their homes.  Many people want to sell, but procrastinate about going through all the hassle of fixing up their home to prepare it for sale marketing their homes.  You can canvas the neighborhoods yourselves in search of “off market” home buying opportunities.  The point of all of this is that if you put in the effort and work “outside the box” a little odds are you will find what you are looking for.

 

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