As we wrap up the first quarter of 2023, we are noticing a slow real estate market in both inventory and transactions. Unlike previous years, the number of homes hitting the market is at an all-time low. Historically, the spring market is one of the hottest times of the year for all things real-estate. As the winter season comes to an end, people set their sights on the summer months, as they look to make big life changes, some of which include moving.
With recent inflation, high interest rates, and the lingering effects of the pandemic, we are continually up against many factors that have played a significant role in today’s real estate market. As developers aim to meet monthly quotas in new housing, we are also up against potential sellers, who are reluctant to sell in light of these high interest rates and lack of inventory. This has ultimately caused stagnation in overall transactions, leaving buyers unable to find the right home for them.
As I work with many buyers, I continually look outside the box for all opportunities to help put my clients in the right home! Below I outline some useful tips on how you can find your home in this low inventory market!
1. Connect With an Agent Who Has a Wide Network
In this business, the best agents are those who have both expert knowledge and CONNECTIONS! In every transaction, there are two parties, and in most cases, both parties are represented by two separate agents. As agents, we strive to be in “the know” of all new listings and developments in the area. What this means, is more times than not, we have insight into opportunities before the public does! As you look to work with an agent, ask them how connected they are with other agents, both inside and outside their office. Rockstar agents are those who have an abundance of people to reach out to in order to better serve their clients.
2. New Builds: The Low-Hanging Fruit
As I mentioned above, current homeowners are very reluctant to sell. Because of this, the resale market doesn’t offer the most opportunity for prospective buyers. What I am encouraging some of my clients to do is look into new construction. Real estate developers are fully aware of the lack of inventory in the market and as a result, the drive to build new homes has never been higher!
What’s great about new construction is twofold. First, you are getting a BRAND-NEW home, and who doesn’t like the idea of ‘new.’ Second, there is a little less competition when buying. For most new construction, you have the pick of both the lot and the style of the home, which ultimately means OPTIONS. As long as the developer is in the early phases of build-outs, you will have plenty of options to choose from and less competition.
Just remember, if you are looking to purchase new construction, make sure you still have an agent representing you! Your interests need to be protected.
3. Ask Around! – Leverage Your Sphere of Influence
In today’s technology-driven world, we have an abundance of resources and connections to friends, family, and our local communities. These connections open another opportunity to help you find your next home. So, when in doubt, ASK AROUND! Whether it be your friends or a quick post on social media, leverage those around you to help connect you to a potential seller. Sometimes the best deals are the ones off-market.
No matter the climate of the economy, there are ALWAYS opportunities waiting for those who leverage their resources through creative action and resilient perseverance. If you are a buyer struggling to find the right home, reach out to me so I can help you connect with the right people TODAY!