low inventory real estate market
The housing market has been challenging for buyers and sellers alike, with low inventory and high demand driving up prices and creating a competitive environment. However, with the right strategy and guidance, buyers can still find success in this market. Teri Pacitto, a real estate expert with Avant One Real Estate in Ventura County, CA, has expertly negotiated this process for buyers and sellers and shares her insights on how to overcome obstacles in the low inventory housing market.
Get Pre-Approved for a Mortgage
One of the most important steps in the home buying process is getting pre-approved for a mortgage. This will give you a clear understanding of your budget and help you avoid wasting time on homes that are out of your price range. Teri emphasizes the importance of being pre-approved before making an offer, as this can give you a competitive advantage in a multiple-offer situation.
Be Flexible with Your Criteria
In a low inventory market, it's important to be open-minded about the type of home you're looking for. This may mean considering different neighborhoods, home styles, or features. Teri recommends being flexible with your criteria, but also being clear about your priorities. For example, if you need a home with a certain number of bedrooms, make that a non-negotiable factor in your search.
Homes in the low inventory market can sell quickly, so it's important to act fast when you find a home that meets your criteria. Teri recommends working with an experienced real estate agent who can help you move quickly through the process. This may involve submitting a strong offer with favorable terms, such as a shorter inspection period or a higher earnest money deposit.
Work with an Experienced Real Estate Agent
Working with an experienced real estate agent can be a game changer in this market. Teri stresses the importance of finding an agent who is knowledgeable about the local market, has strong relationships with other agents, and has a proven track record of success. An experienced agent can also help you navigate the negotiation process and make informed decisions about pricing and contingencies.
Look for Off-Market Properties
In this market, it's not uncommon for homes to sell before they even hit the market. Teri recommends working with an agent who has access to off-market properties or has connections with other agents who do. This can give you an advantage in a competitive market and may help you find a home that meets your needs before it becomes available to the general public.
The low inventory housing market can be challenging for buyers, but there are strategies that can help you overcome these obstacles. Teri Pacitto's experience as a real estate expert has shown that being pre-approved, flexible with your criteria, acting quickly, working with an experienced agent, and looking for off-market properties can all help increase your chances of success. Despite the difficult to explain market, Teri remains optimistic and believes that the market will remain strong in the future, with more opportunities for both buyers and sellers.
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