What To Know When Buying A Home When Inventory Is Low In Bucks County
When there is a limited number of homes for sale in Bucks County, buying one can be incredibly stressful and complicated. Low inventory markets are seller’s markets, and bidding wars are par for the course under such circumstances. Even if you find a place you love, someone else could snatch it up before you do.
Keep the following five tips in mind to purchase a home more easily even when inventory levels are low:
- Be Prepared to Move Fast – In a seller’s market, contract lengths tend to be shorter than usual. As a result, you’ll probably have to turn around and move quickly after buying a new house, and you should be prepared for what’s to come. Pack up as much of your house as you can as early as possible so that you can vacate the premises faster. Obtain a pre-approval loan from your lender, and have it run through underwriting. That way, you can close fast when the time comes.
- Have Your Finances in Order – Show sellers you are serious by having a pre-approval in hand before looking at homes for sale in Bucks County. Better still, have your lender run your documentation through underwriting as well. Have a solid down payment ready to go, and make sure that your credit situation is good to go. A single glitch in your financial situation could come between you and the perfect home in a low-inventory market.
- Make the Best Offer Possible – In low-inventory situations, sellers have the upper hand, and you can be sure that other buyers will come in with offers too. This is no time to play around with low-ball offers. Instead, have your agent prepare the highest and best offer that you can make the first time around. Hire a local agent who has proven experience in the local real estate market to ensure that you deliver the most competitive offer possible.
- Be Flexible – As the saying goes, beggars can’t be choosers. In low-inventory real estate markets, buyers have to be open-minded and flexible. Make a list of the things you need and the things you want, and remember that the former is much more important than the latter. Be realistic about the budget you set too, and remember that compromises will be necessary to secure a new home in such a competitive market.
- Don’t Look at Homes Near the Top of Your Budget – Finally, avoid potential heartache and hassle by steering clear of homes that are too close to the top of your budget. When inventory levels are low, homes often sell above list price. If you are preapproved for a $300,000 loan, look at homes listed for $285,000 or less to give yourself some wiggle room.
Inventory levels will likely remain low for the foreseeable future. If you need to buy a home in Bucks County, keep the above tips in mind to get through the process as quickly and efficiently as possible.