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Take the appropriate steps to have your financing secured before you go to look at houses. Get a mortgage pre-approval and have all the necessary documentation ready to send into your lender. Do not enter the housing market until you are fully financially prepared with a solid down payment and a reputable loan. This will help you stand out to sellers when you make an offer on a house.
cross the United States, many real estate markets are Next, you need to be experiencing an inventory shortage. realistic about what you Al Legg, Broker Emeritus with RE/MAX Choice explains, “We are can afford. currently in a seller’s market, not The average home buyer does contingencies on other contracts only in Bloomington Normal, but all not have an unlimited budget and that restrict the amount of time of McLean County.” therefore must make compromises on before they can close. The average The terms “Buyer’s Market” their home purchase. Be sure to keep contract length can shorten and “Seller’s Market” reference the Eastland 2203 Drive, Bloomington Office: 309-664-8500 requires you, as a buyer, to an open mind while looking at houses •and basic laws of supply and demand. and understand that the goal is to find be ready to move quickly. Start Each Office Independently Owned & Operated. For example, in a “Buyer’s Market,” a home that meets all your needs and packing and researching your the supply of homes exceeds the most of your wants. Be open to making moving options early, so the amount of demand in the market, changes to a home to create the exact moving process is as seamless giving the buyer’s leverage. With so home you are looking for. many available options, the value as possible once you’re under of available homes is somewhat contract. If you are able, work with lessened. In a “Seller’s Market,” a lender who can accept all your Another important point like the one we’re currently documentation and run your preexperiencing, the supply of homes to remember is you should approval through underwriting is less than the demand or number avoid looking at homes before you start looking at homes. of buyers, which increases the value that are at the top of your of available homes. budget. “The pandemic has made both Navigating a market with buyers and sellers take a real look at limited inventory can be a challenge, In low inventory markets, houses what their actual needs are from the but it can be done. Legg advises your tend to sell over asking price due to property they own or want to buy,” first step should be to find out what competition amongst buyers. Know adds Legg. “Housing and the design the activity level is in the market what your top budget is and make of new and existing homes will never and suggests the best way to do that sure you give yourself some wiggle be the same. Home offices are now is to consult with a trusted realtor. room. Work with your realtor to put high in demand. People are getting “Your realtor will explain what your best offer forward and be aware more accustomed to working from the market is doing daily, just like that because of the limited inventory, home, and the home is taking on a the stock market. They will go over there will be competition. new look for the future. It will be the absorption statistics and help an exciting time to experience the you create a strategy, whether you changes that are coming. Get with a are buying or selling. With inventory A final word of advice is to Realtor and start the journey today. currently at an historic low in our be ready to move quickly. area, you need to have a plan.” Real estate markets with low There are a few key steps you can take to insure you have success. inventory turn over quickly
BUYErS & SELLErS cALL tODAY 531-2177
Email: al@allegg.com
Most buyers and sellers have
June 2021 | Limited Magazine 19
Limited Inventory Market
First, check your finances. BUYING A ExpEriEncE HOME IN thE AL LEGG A LIMITED DiFFErEncE INVENTORY MARKET rE/MAx chOicE
