Get Past “No Inventory”, Rethinking Paths to Buying Real Estate
Part of this post was published last year; it’s updated/re-published for 2019.
“Opportunity is missed by most people because it’s dressed in overalls and looks like work”
“NO INVENTORY!” cried the buyers…the sellers who want to be buyers…and the agents, for a few years now.
Well, first it’s not really “no” inventory! Less inventory, but not that much less. And HGAR Market Stats show lower number of sales, which sort of balances that out.
Maybe there’s not much you see that you want, or that’d fit your budget would be a more correct statement? Sometimes there is truly nothing else you can do but hold…but I see many who’d benefit from re-thinking priorities and paths to buying!
1. Are you being realistic? Trying to fit all your big house was, all it held into a smaller space with lower taxes? Of course you’re disappointed!!
Re-think your filters, trust me! Better tech doesn’t need a whole room for a home office. It’s acceptable and cool for visitors to use Air BnB, have big occasion meals catered in, or held elsewhere. And guilt is a horrible reason to hold onto something! There is joy- maybe IRS deductions!- in giving things to others who’ll use them.
2. If you need to sell to buy STEP AWAY FROM THE ELECTRONICS! Stop looking for your next new/perfect place! You’re not getting motivated, you’re procrastinating.
TRH counsels sellers to focus on getting the current place its market-ready best, then getting it sold. The best properties have their choice of prospective buyers. Their offers contain the best conditions/fewest contingencies. Sellers aren’t waiting on buyers who need to sell.
3. Get a buyers agent, and widen your geographic search. Spend time in areas you hadn’t considered, and talk it over with your new best friend, your buyer agent. Nothing changes when it’s just you scrolling around online, at home in your bunny slippers.
4. Think about another kind of property. Replicating where and what we know could feel more secure, but this could be the opportunity to change more than your surroundings. START with your accountant, your buyer agent, and their trusted home professionals
- A two, or multi-family property could produce income AND peace of mind if purchased with, or rented to family. Here’s some perspectives on multi-generational living: from design, to the practical, to the life-affirming.
- A smaller co-op or condo here could help you swing another, smaller place in another favorite location. Condos can also be rented out.
- Renting could be “THE” next place…or just a step in the right direction, real estate sorbet if you will.
The choreography of finding THE new place, then getting your place sold is dicey and pressure filled. Give yourself some space and time to experience something different, re-calibrate and figure out what you really want to do next!
NEXT: More Ways to Buy Real Estate