In the Reno-Sparks market inventory of available homes for sale is at an all time low. This is leaving many home buyers out in the cold this Winter. Here are some tips to be competitive when buying a home
FINANCING – With many properties receiving multiple offers you need to consider your financing. Cash offers typically go to the top of the pile. Conventional financing typically is the next to be considered. The larger the down payment the better. Meeting with an experienced local lender prior to starting your home search is a must. Knowing your numbers is key to being able to negotiate the strongest offer possible.
SEARCH CRITERIA – With so little inventory available buyers may need to loosen their search criteria and determine what areas they may be more flexible on. Lot size, number of bedrooms, location etc. Working with an agent that has an automated system directly connected to the Multiple Listing Service to receive listing notifications in the most timely manner.
BE READY TO ACT – There is a saying that if you “sleep on it, you might not sleep in it”. Low inventory conditions will call for quick decisions. You may not have the opportunity to think it over for long.
WORK WITH AN EXPERIENCED AGENT – In this market it has never been more important to work with an agent who has experience in multiple offer situations. Writing a strong offer is not only about price, but terms. An agent who has strong relationships within the market may prove advantageous.
The Shocket Team brings 17 years of experience working with buyers in all types of markets. We have the experience to guide you through these cold Winter months of low inventory. Contact us today.