What If There’s No Supply?
By the end of 2020, the number of homes listed for sale in the U.S. reached an all-time low. Supply sank below 700,000 homes nationwide, according to realtor.com ®‘s Monthly Housing Trends Report, and that was before the availability of COVID-19 vaccines. With consumers euphoric, it’s possible the spring homebuying season could have even less inventory available. If you want to buy a home, what do you do if there’s little to no supply? Follow these suggestions:
Trust your Berkshire Hathaway HomeServices network professional. Having a good relationship with a knowledgeable agent is your best chance at finding a home to buy. He or she has resources you don’t have including personal or networking knowledge of people who are interested in selling their homes. He or she can search for bank foreclosures or rental properties through their contacts and show you homes that aren’t on the multiple listing service. Wouldn’t it be great if you could buy a home before it comes to the market?
Be flexible. You’re lucky if you come close to finding the perfect home, but most homebuyers compromise on something – size, area, price, of features. Let your agent show you some alternatives that could work well for you. A smaller home can be expanded to suit your needs, for example.
Be patient. After more than a decade of rising home prices, including double-digit price increases in 2020, demand looks unlikely to end, so trust the process and know it’s just as challenging for other homebuyers.