Conquering a Low Inventory Market: Your Path to Homeownership

By: Valerie Davenport

[TRANSCRIPT]

Hey future homeowners, welcome back to my channel, Reality of Realty; I’m Valerie Davenport, your trusted real estate guide, If you're looking to buy a home right now, you know the struggle is real. Housing inventory is tight, and it can feel like you're searching for a needle in a haystack. But don't worry, you're not alone, and I'm here to help.

So If you like videos like this and other behind the scenes peeks into what it’s like to be a realtor, don’t forget to like, share and subscribe so you’ll be notified when new videos are published.

And,whether you’re moving across the nation or across the street, tap into my resources by emailing me today using the email in the description box below. Now let’s get into the video.

Hey everyone, welcome back to my channel! 

Let's get real. A limited supply of homes means intense competition. Prices are way, way up, and homes are selling fast. It's a seller's market, but that doesn't mean you're powerless as a buyer.

So, what can you do? Let's dive into your options and strategies.

First, let's talk about expanding your search. Don't limit yourself!

1. Broaden your geographic focus. Explore adjacent neighborhoods or areas you might not have considered. A slight shift can mean a lot more options.

2. Valerie: Be flexible with your "must-haves." Is a slightly smaller yard or a home with a bit of character okay? Being open to minor updates can really open doors.

3. Valerie: Consider different property types. Condos, townhomes, even multi-family homes if you're open to rental income.

In this market, speed is key.

Here's how to be ready to move fast:

1. Get pre-approved for a mortgage. This tells sellers you're serious and financially sound. And, let’s be honest, a realtor isn’t going to show you a home without this step anyway!

2. Have your finances ready. Be prepared to make a strong offer quickly. 

3. Work with an experienced realtor, like me! We'll provide real-time listing updates and guide you through the process.

New construction is another option.

Here's what to keep in mind:

1. Explore new developments. You'll get a brand-new home with modern features.

2. Work with the builder’s representative, and let me help you navigate that process.

3. Remember, new builds take time, so be prepared for a longer closing.

Don’t be afraid of a fixer upper!

Renovation loans are a fantastic way to turn a less-than-perfect home into your dream home.

1. Consider FHA 203(k) loans or HomeStyle Renovation loans.

2. Understand the process. It involves detailed planning and contractor bids, but I can help.

3. You can customize your home and potentially increase its value.

Flexibility is your friend.

Here's how to be flexible:

• Be adaptable with your closing date.

• Consider a rent-back agreement, with caution. This can be risky, so let's discuss this option thoroughly.

Make your offer stand out.

Here's how:

1. Offer a competitive price. Your highest and best offer will let you know early whether you’re in the running in a multiple-offer situation.

2. Minimize contingencies. There are financing, inspection, and other contingencies but be selective if you want to be considered as a serious buyer. We can strategize on solutions when the time is right.

Don’t give up!

Remember:

1. Don't get discouraged.

2. Stay positive and keep searching.

As your realtor, I'm here to guide you. I'll provide professional market insights, negotiation expertise, and comprehensive support throughout the entire process, from search to close and ever-after!

Don't let a low inventory market stop you from achieving your homeownership goals. With the right strategies and a committed realtor, you can find your dream home.

Let's work together to make your homeownership a reality. And for daily real estate insights, follow me on Instagram @valerie.rdavenport!

So that’s it for today’s video. I’ll wrap it up here by saying thanks for tuning in to the very end! If you found this info helpful, don't forget to like, share and subscribe, and hit that notification bell for more real estate insights. And, if you have any real-estate related inquiries, visit my website at valeriedavenport@unitedrealestatechicago.com or use my email in the description box below. Until next time, happy house hunting!