Housing inventory in the state of Connecticut as of this writing is down 11% 2017 versus 2016. If you’re looking to buy, you may be feeling the lack of inventory manifested in your frustration with your house hunt. Perhaps you’re simply not finding a house that fits your needs, or, when you do, you discover that it’s gone under contract before you can schedule a showing. Maybe you’ve been fortunate enough to view a home and put in an offer, only to find that you’re in a multiple offer situation and you’ve been outbid. Quite a different environment from the one buyers and sellers have found themselves in in the last several years, where the buyer had a slew of homes to choose from, the market has shifted and so should a buyer’s expectations when it comes to their house hunting experience. When inventory is tight, adding some creativity and out-of-the-box thinking may be just the thing to bring the love back into the hunt for the perfect house.
Don’t Dismiss For Sale By Owners (FSBO): According to the National Association of Realtors, 8% of homes sold in 2016 were sold For Sale By Owner. While in a definite minority of how houses are sold, the owner that chooses to sell himself is out there. To find them, keep your eyes open for signs in the yard, and sites like Craigslist and Backpage. Should you find a house that you’d like to view that is listed FSBO, call your Buyer’s Agent. Utilize the services that you’ve contracted with them for to represent you and your best interests in the purchase of your next home; they apply regardless if the house is listed with another Realtor or with the owner directly.
New Construction: If the biggest challenge to today’s market is a housing shortage, this is great news for new construction. If you’re not finding the perfect house, why not build it yourself? New home construction would mean a design that is a fit for today’s modern lifestyle. With increased confidence in new construction with continued low inventory, historically, new construction options in mid-range price points, not only in the luxury market, increases.
Fixer Upper: Not afraid of some projects? Maybe a fixer upper is a solution. The potential that a house with “good bones” can hold to a buyer with vision includes having the ability to buy a home at a lower price point, do some fix up, and customizing the home to meet your family’s needs.
Many buyers are finding that in today’s shifting market, they’ve had to shift their mindset and expectations for their homebuying experience. Using traditional resources, as well as some out-of-the-box thinking can create that Love of the Hunt that many buyers fondly recall after years of homeownership.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
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"I live out of state and Kris is my agent to sell my home. There have been some unexpected issues come up and Kris has been there to take care of everything! She has taken the stress off me since I'm so far away, she is quick, honest and fair, she does not treat your home like a "sale", she treats you like you are friends/family and wants what is truly best for you"