Interested in learning how to find the best real estate deals when housing is scarce? Then continue on.
Housing inventory continues to decline in Snohomish County and if trends stay consistent then competition from other buyers might be twice as fierce this spring/summer.
So, how are buyers going to find the best real estate deals?
Being Diligent with Their Property Search
This type of real estate climate is not for the faint-hearted and many become discouraged when an offer isn't accepted. Keep going, keep searching, keep seeing homes with your agent, and don't stop writing offers. Look, look., and keep looking.
Refining Home & Property Searches
One saved property search is not enough. Create multiple searches that are focused and refined to not waste endless time searching homes only to find the same ones over-and-over. Read the Home Search Style Guide and get focused with price points, areas, housing styles, size of land, foreclosure or short sale, and/or waterfront.
Work Closely with a Real Estate Agent
A Washington real estate broker is a NWMLS member, at least in Western Washington. The NWMLS is where real estate brokers post their properties so other agents, buyers (via syndication and IDX), and even sellers can view the latest housing inventory. Also, ever really estate broker should be looking every day for properties.
Don Not Fall in Love with Homes
Don't fall in love with a home, at least not right away. This will minimize disappointment and you'll not get discouraged as easy. There will be more homes available and sometimes it just takes time and timing. A strong offer doesn't hurt either.
Using Additional Home Search Resources
We'd love everyone just to use our website; however, that is not realistic. Having searches setup on FSBO sites, auction sites, and even HUD's website will keep a home buyer informed with housing inventory. Just be careful not to get bogged down with property alerts and newsletter emails.
And a little bit on writing offers.
Writing Strong Purchase & Sale Offers
Even though property listings are experiencing some price reductions, writing a strong offer is imperative. Buyers have to decide what their priorities are when writing an offer; is it negotiating on price, just purchasing a home, shorter home inspection time frames, and/or requesting seller contribution towards buyer's closing costs. These are just some factors in determining an offer's strength.
Just a Small Warning
Be mindful of advertisements touting deals of off market properties just to capture contact info. Interview agents, read their reviews, and see what type of work they do before giving away all your information.
Go Get the Best Deal!
Setting up focused and niche home and property searches is the single best use of time. Let the automated websites work for you while you're spending time with family, working, and/or just catching some rest.
Here's to a prosperous 2018!