In this episode of The Clarified Realty Podcast, Tom is taking a deep look into the sparse inventory out in the real estate market right now and how buyers need to embrace the "Hunter Mentality" for finding a home. When fewer and fewer homes and condos are for sale in your price point an entirely different strategy is needed. Right now is an optimal time to purchase a home; prices are still rising and interest rates are going to rise soon, too. That means that waiting on the sidelines will only make buying a house more expensive the longer you wait.
Tom starts off by discussing how the market got this way in the first place and what it would take to get more supply to open up and provide more opportunities for those who want to enter the market. In all likelihood, the market will remain in this condition for some time, so there are some key things that buyers can do to make things a bit easier on themselves. They are:
- Actually go and see as many places as you can in-person.
- Make sure to pick an agent that is ok with seeing more places.
- Be ok with only putting down 3%.
- Don't fall in love with a house until it closes.
- Don't get tricky with your offers.
- Have the right strategy for bidding wars.
- Lowered expectations are a bonus.
- No whiners.
All of these strategies will help someone not only survive a tough real estate market -- but maybe even enjoy it, as well! If you're thinking that you are in the going to be buying in the next 6 to 12 months, you definitely need to give this episode a listen. We hope you enjoy it! Please leave us a comment and let us know how you liked it!