Buying your first home can be stressful for many reasons. You’re taking a leap and doing something big that you’ve never done before. It’s nerve-wracking! Add a housing shortage into the mix and things get complicated. Competition is fierce and it seems like there are little to no available homes.
If you’re a first-time homebuyer that’s feeling pressure from the current home supply shortage, just know that the situation is not hopeless. There are things you can do to make your endeavors a success, even though inventory is low. Below, our experts have shared some advice.
Why Is Housing Inventory Low?
It can be frustrating to be a new homebuyer in a market with low inventory. No matter how many times you press “refresh” on realtor.com, it seems like nothing new ever shows up. This can be frustrating, especially if you feel like you’re otherwise in a good place to buy.
The housing inventory is low right now because of a number of reasons including:
- Lack of construction
- High demand: there are more buyers than homes
- High labor and material costs
Tips for Successfully Buying a Home while Inventory Is Low
Things may be challenging right now, but that doesn’t mean that there’s no hope. Buying your first home is still possible, despite the shortage of available homes. These tips can help you navigate the situation before you:
Look for Homes that Are Sitting on the Market
Consider adjusting the focus of your home search. Instead of looking for a house in a specific price range, try to target homes that have been sitting on the market for a longer period. Owners of these homes may be more willing to sell at a lower price.
Be Willing to Compromise
How important are the features on your “wants” list, really? You shouldn’t have to settle for a home that you don’t want. But at the same time, it’s a good idea to ask yourself if a certain feature is something you really need or something that you could live without and be perfectly happy anyway.
Be patient. The right home will come along. Your housing search won’t last forever, even though it might feel like it. At some point or another, an opportunity will present itself. Just give it time.
Act with Urgency
When that opportunity comes along, however, you need to be ready to act. This may mean using your lunch hour to go look at homes. Or it may mean home shopping on the weekends, even though you’d rather be doing something else. In a hot market, you have to act on things promptly.
Work with an Expert
Mortgage Solutions Financial specializes in working with first-time homebuyers. For more tips and advice on buying your first home, please contact our office.