With a healthy housing market returning to many parts of the United States, especially in big cities, some buyers are finding themselves in a seller’s market where prices are high and inventory are low. Seattle and Denver are two perfect examples of this. Denver tops the list of the fastest-selling homes in the country, while Seattle comes in at second place.Luckily, in Houston, the real estate market is a healthy seller’s market, yet the supply and demand scale is more on par with equality, depending on what you’re looking for. There are fewer homes available in Houston valued above $500,000 than there are houses under $300,000, for example.
If you’re looking for a home in Houston that falls in a higher price range with less inventory available, here are a few tips for buying in a tight market.
1. GET PRE-APPROVED BEFORE YOU START HUNTING
It’s a casual Sunday afternoon and you spot an “open house” in a neighborhood you love, so you decide to check it out. It’s beautiful. The house of your dreams. And houses in this sought-after neighborhood don’t come on the market very often. There are people coming and going, and many look interested. The house is priced at $750,000. You want it. Problem is, you haven’t been pre-approved. You’re not even sure if you can afford it. You don’t even have a realtor. Someone else put in an offer that day, and the house sold.
2. KNOW HOW TO BID AND BE FLEXIBLE
When inventory is low and the demand is high, it’s best to bid as high as you can or want, even if that means going over the asking price. Also, a seller may also be looking for a buyer who is flexible on the closing date or other contingencies that could affect the sale.
3. REMEMBER THAT YOU CAN ALWAYS REMODEL
When the market is tight, you may not be able to get everything you want. But that doesn’t mean you can’t change or add something later on. Switch out the current countertops for granite, remodel the master bath, put in hardwood floors, knock out a wall. It’s your house and you can do whatever you want.
4. MAKE A DECISION QUICKLY IN A TIGHT MARKET
If you wait too long to make a decision on a home you’re thinking of buying, it will probably be gone by the time you decide. In a tight market, you need to be prepared to make a quick decision, since homes will not stay on the market for very long.
5. USE A REAL ESTATE AGENT
Surfing the internet is not going to get you the house you want in a tight market. The reason for this is that real estate agents know as soon as a house comes on the market, and they can typically get you in to see it before its picture even hits a website. These professionals also know the area well and have the experience of representing buyers in a tight market.
If you’re looking to buy a home in Houston, TX, the team at Cityscape Brokers will help you through the buying process. Whether it’s your first, second or third home-buying experience, we will help you find the home of your dreams. To learn more about our services, you can visit our website here.