In the last year, the news has been full of stories highlighting the lack of inventory in the real estate market, which we’ve also highlighted here. There are fewer homes on the market, and they are turning over more quickly than any time in the last 20 years. What does that mean practically for you, if you are looking for a homestead or retreat property? Put simply, there are fewer properties to choose from, more competition for them, and they do not stay on the market for as long.
If you're hunting for property right now, here's some suggestions to make the most of your search:
Search Smart
Find an agent who can help you get set up for daily or instant notifications for new listings on your local MLS. Many sellers are only accepting offers for a very short window, so reacting quickly is essential. Take your time in developing your property criteria. Work with your agent to ensure that they are realistic for the area and market, so that you both have a clear picture of what you're looking for.
Make a regular search of real estate marketplaces, such as SurvivalRealty.com, Realtor.com, and Zillow. Pay particular attention to "For Sale By Owner" and other similar listings that may not show up in your MLS search. Note that the larger aggrgators pull data from the MLS, but it may not be fully up to date. If you see something interesting, check it out on the MLS or run it by your agent to get the most current information.
Alternative Marketplaces
Be alert to more unlikely marketplaces. Most notably, Facebook has a plethora of local real estate groups, along with generic "buy/sell/trade" groups, where both agents and owners will post their properties for sale. In some cases, you may find a preview from a listing agent that they've shared a photo of, but haven't finished listing on the MLS. Craigslist, local classified ads, and similar publications can also be useful resources.
Family or friends in the area can be a great advantage, if they happen to hear of someone in their own social network that is going to sell. Ideally, if you can make a personal connection, you may even be able to purchase the property before it even reaches the open market.
Mindset
Most significantly, seek to adapt your mindset to the conditions. It may be impossible to lay out your "top 5" properties and take a week to tour and choose between them. Whatever was listed a week ago may be sold already– and there's no way to know what will be listed next week. Don't let yourself get caught in the "if only" or "what ifs" and make the best decision possible in the present. Be prepared to consider each property on its own merits, and make a decision accordingly.
Please share your questions, experiences, and suggestions via email or in the comments!
