Six Tips for Buying a Home in a Low Inventory Market in Reno, Nevada
Low home inventory in Reno, Sparks, and Carson City requires pre-planning for savvy homebuyers.
There are six tips for buying a home in a low-inventory market. These are items you should follow to improve your chances of achieving homeownership.
We’ve all seen the news: Current demand for homes far exceeds the number of visiting on the market, but while this has undoubtedly made finding a home more challenging, there are several things you can do to increase your chances of achieving your dreams of homeownership.
1. GET YOUR FINANCES IN ORDER
Save for a solid down payment and get pre-approved for a loan with a reputable lender before you begin your search.
2. BE WILLING TO COMPROMISE
Be realistic about what you can afford and be open to considering homes that meet your needs but don’t have every feature that you’re looking for.
3. BUDGET WISELY
When supply is limited, homes can often sell above the asking price range, so you will have room to bid a little higher if necessary.
4. PRESENT YOUR BEST OFFER
Show that you are serious by presenting your best offer upfront. Remember that offering a higher price isn’t your only option; you can also consider making a larger deposit.
5. BE PATIENT BUT PREPARE TO ACT QUICKLY
Check new listings regularly and be ready to make an offer quickly when you find something you like. If you are outbid, don’t give up. You may have to make offers on several homes before you find the right deal that works for you and the seller.
6. BE FLEXIBLE
Give sellers added flexibility by accommodating their need for a longer or shorter closing cycle or allowing them to rent the home from you for a short time while they complete the purchase of their next home.