The fall and winter months typically see less activity than the spring and summer months for the residential real estate market. The reason is simple: fewer sellers are on the move, meaning there are fewer homes on the market for buyers. That leaves current home buyers in the fall and winter months in a less than ideal situation as inventory levels are lower and the supply of currently available homes is thinner than in other parts of the year.
However, there are ways for home buyers to increase their chances of getting their new house and lower your chances of losing out to another
buyer.
1. Prepare financially
As a home buyer, when you make an offer on a home a seller will review your offer. When there are multiple offers for the same property, it is important to make your offer stand out from the other offers. Should you choose to purchase your home using financial leverage, having a pre-approval letter from a lender will make your offer more desirable to sellers.
As a home buyer, when you make an offer on a home a seller will review your offer. When there are multiple offers for the same property, it is important to make your offer stand out from the other offers. Should you choose to purchase your home using financial leverage, having a pre-approval letter from a lender will make your offer more desirable to sellers.
2. Know your goals
You should know what type of property you would like to purchase before you start looking to buy a home. If you know you want a 3-bedroom, 2-bathroom, 1,800 square foot, traditional style home in a neighborhood on the north side of town, and that very home comes on the market, be ready to make a decision on buying that home quicker rather than later.
3. Be patient
When there are fewer homes on the market, it may take longer for you to find the home that is right for you. Not to worry, if your timeline is flexible, be prepared to wait a few months until the right home comes up for you. Or, if you are more rigid in your time table, consider a short-term solution to get you through the colder months and wait until the next busy buying cycle.
You should know what type of property you would like to purchase before you start looking to buy a home. If you know you want a 3-bedroom, 2-bathroom, 1,800 square foot, traditional style home in a neighborhood on the north side of town, and that very home comes on the market, be ready to make a decision on buying that home quicker rather than later.
3. Be patient
When there are fewer homes on the market, it may take longer for you to find the home that is right for you. Not to worry, if your timeline is flexible, be prepared to wait a few months until the right home comes up for you. Or, if you are more rigid in your time table, consider a short-term solution to get you through the colder months and wait until the next busy buying cycle.
Currently, the housing supply in the Tampa Bay market is at a two-year low. Being prepared to put your best foot forward when making a decision to buy a home is the most important step you can make when purchasing a home in a tight market.
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