First Timers can be players in this market!

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You see it everywhere!  There a no houses to buy and the minute a good one comes on the market, it’s gone!    low inventory 2 How do you make a game plan in this kind of market.

First of all let’s explore why potential Sellers are reluctant to put their home on the market in the fist place. The biggest reason is the problem, they have no confidence that they will have a place to buy if they get a quick offer on their home.  No Seller wants to SETTLE for something a bit less than ideal because they have a timeline on closing their home. Not everyone has a place where they can land their family for a month or two while they go through the search-to-closing process.  Having an offer accepted with a sale contingency is a hard sell, but you are seeing more and more.  Most however will have a kick-out clause in them which elevates the stress level as the transaction goes forward.

What is your leverage as a first time buyer?  calendarTIME!

Whether you are currently renting or living at home, you have an established residence and in most cases can push a closing date off another month or two to accommodate a Seller. In fact, they may be willing to take a little less to assure they can have time to explore all of their options on the other end.  

Other ways to win in this market:

  • Don’t hesitate to look at homes with “kick-out” clauses in place– that’s why they are there. not having something to sell is only an advantage if you use it.
  • Search expired listing homes over the last few months – These are people that wanted to sell for some reason and may still want to.  You now have time, no sale contingency and no competition on your side
  • Put in a back up offer – If you see something that is under contract that fits your needs, make sure you are next in line if something falls through.

Cash is always king, but as a first time home buyer with solid financing in place, you can be a player in this market.  

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Michael Giles
Residential Real Estate Agent
Keller Williams Realty