What Does a Limited Inventory Mean for House Hunters?

Couple moving

You may have been hearing that housing inventory is tight in your area. But what does that actually mean for people looking to buy a home this spring? Short answer: be prepared to jump when you find that perfect house! Long answer:

Know your financial situation. Get pre-approved and have your cash available. With limited inventory, houses go fast – which means other people with their ducks in a row will be fighting for that perfect gem in that perfect neighborhood.

Know your must-haves. Have a firm idea of what you absolutely can’t live without, and what you’re willing to compromise on. If you need three bedrooms and a garage, but a pool is only a bonus, know that before you start your search. It will make the decision much easier to make in a limited amount of time.

Make house hunting a priority. With such a limited market, half-heartedly searching for houses probably won’t cut it. Be prepared to devote a significant time to both research and visiting homes with your realtor. The more homes you see, the better idea you’ll have of what’s out there and when it’s the right time to act.

Be prepared to make a sweet offer. Tight housing markets mean competition. You’ll be lucky if offering asking price gets your offer accepted. You may have to offer more than others looking at the same house, so be ready to stretch the budget if you find the perfect home.

While house hunting is stressful and time-consuming, it can also be exciting! Don’t let a limited inventory discourage you. You’ll find a great home – just be prepared for a wild ride. Our Resource Center is full of useful articles and checklists to make your search easier, so make sure to check it out!