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Creative Solutions for the Inventory Crisis
Are You Ready to Battle for Your Next Home? You need to have your ducks in a row
I wouldn’t quite call this a seller’s market, but I sure would say it’s a great time to sell. With low inventory and high demand in our area, it’s not uncommon to see multiple offers on a home the day it goes on the market. What adds to the insanity is the regularity in which houses close within 48 hours and for over asking price. One situation I heard of recently was a gentleman who received an offer above asking price before the house even went on the market. While the inventory shortage has been a boon for sellers, it has left many homeseekers in nothing short of a national crisis. Homebuying has become so competitive that many families in desperate need are losing hope that they’ll ever land a home. But all is not lost. There are strategies you can use tomake sure you find your dreamhouse. You just have to be willing to get creative. Don’t find your perfect house; create it. Our latest renovation products give you the opportunity to overhaul your home straight down to its bones. Opportunities like this open up the door so buyers no longer have to be afraid to buy a home that is out- of-date. We can help find the right mortgage that fits both you and the house you’re looking to renovate. Another solution for people struggling to find a home is to build one. I was having a discussion a fewweeks back with a client who calledme after talking to three
if you’re going to try to buy in this market.
other mortgage companies. He went there explaining that some crazy lady over at Homeside Financial told him you could do 95 percent financing on new construction. The other companies pleaded
their case, saying a percentage that high was impossible and the woman who gave the informationmust be a liar. That lady is, of course, me, and they were wrong. Not only can you finance that much of a new build, but if you own the lot, you can leverage it for the remaining 5 percent.
had tomake a living by becoming experts at renovation. No one was lending for new construction, and that means a lot of tradespeople focused their attention on updating existing homes. If you’re willing to think outside the box, you can find your perfect home. But you also need to be prepared for a fight. My dog, Freckles, was sprawled out by the pool the other day looking like a beached whale. He is a prime example of what not to do in this market if you want a house. Good buyers are out there with an experienced loan officer and an agent, making sure they are ready to close the minute they find the right home. Don’t be like Freckles. Let me help you find the right product for your dreamhome.
But all of this information is useless if you’re not prepared. You need to have your ducks in a row if you’re going to try to buy in this market. Becoming prequalified and having a thorough understanding of your credit score is the first place to start. If you’re looking to renovate and need a contractor, I amhere to help. The builders who survived the recession
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