The experts say that housing inventory is tight. This is true, but this uses what used to be as the benchmark for what is now. 
Houses are still selling, and selling faster than ever before. The good thing is that the economy is not overheated, interest rates aren’t ridiculously low, and no one is giving anything away. That all makes for a very healthy market. So if you are looking to buy, don’t give up. Once you find a house you want to purchase, that process of purchasing a home can take up to 45 days. But how much time it will take to find and agree on a house to buy takes months usually. In some cases, it can take over a year, depending upon where you are buying a property.
And currently, prices have risen so much that homeowners are not able to trade up and others are simply waiting for their house to get into positive equity territory.
Here are some tactics for the serious home buyer this summer:
- Know Your Market: Not all markets are the same; some are too hot to handle, and others are just moving along. If you have kids, the clock is ticking if you want to get your kids into the school of your choice. But if you have the luxury of shopping for exactly what you want, there is still plenty of time to buy in 2017. The real estate market is strong until the week before Thanksgiving.
In some cases there is a surplus and for other locations close to public transportation, the competition is stiff.
- Have Your Mortgage Pre-Approved: Every serious buyer is ready to pull the trigger. Make sure your agent has all your paperwork.
- Be Specific With Your Feature List: Getting the right house in the right location can be a matter of knowing the difference between your must-haves, and your can have later.
- Pay If the Price Is Right: In a low inventory market as is the case today, you want to be decisive. Your agent can help you if you are tentative. If the house is in your price range, and you are getting most of your features, it is a pretty good chance that this is a good call; especially if it is in a desirable neighborhood.
- A No-Nonsense Down Payment: If you find “the house,” your down payment says a lot. Today, a serious down payment is in the range of $5,000.
- Your Offer Letter: Buying and selling a house is more than a transaction: it represents a changing of the guard. For the person buying the house, it is a dream realized. And often for the seller, it is a mantle passed on. Many houses have histories that live long after the residents move away. Make sure your offer letter carries your vision for the house. Don’t fill the offer letter with a bunch of criteria and contingencies.