Are you looking to purchase a home? Or do you have friends or family who are? The sentiment has mainly been the same for months: why is it so difficult to find a home to buy right now? It’s a seller’s market, meaning demand is outpacing supply around the country, but especially right here in Orange County. If you have been trying to purchase a home, here are some tips to keep in mind during a hot market.
Easier said than done, being patient during a crazed housing market can lead to better results for your home search. Resist the urge to panic and continue submitting offers on homes that may not be best suited for you and your family. The right home will come along.
Many prospective home buyers are finding that flexibility is going a long way in today’s housing market. And by that, I mean being flexible with what sellers are requesting. Remember, in a seller’s market, they have the pick-of-the-litter when it comes to selecting a buyer for their home. Could you potentially rent back the property to the current owners while they search for a replacement home? Could you be flexible with the length of your escrow? What about putting down more earnest money? All of these options can tip the scale in your favor if you’ve found a home you love.
You may have the ideal vision in your head about what you’re looking for, but that’s now always easy to find when supply is an issue. Being open-minded can really pay off for potential home buyers right now. Homes that need cosmetic work can offer you the ability to put your personal spin on the property instead of paying buyers back for their preferences when work has already been completed. Don’t overlook fixer-uppers in this market. They can be a great option if you have a vision and the patience to create the home of your dreams.
As a local real estate expert, one of the best pieces of advice I can give to potential buyers is to connect with a real estate agent who knows the market well where you are interested in purchasing. Often, agents will know about listings that are perhaps coming soon or even pocket listings that haven’t technically hit the MLS yet. Connect with a leading real estate agent early in your search, and build your relationship so they can keep an eye out for you.
Melody Smith & Associates is a longtime leading broker associate in South Orange County, known for super service, and is in the top 1% of 1% of agents in the country. Please contact us for all of your real estate needs.