Tuesday, April 30, 2013

Lower Inventories Require Savvier Home Shopping this Spring

Spring real estate market predictions
The spring buying season may have you in high home shopping gear, but you may find as you get out there that the options aren’t as plentiful as you had hoped. That is because across the nation, inventories are shrinking while demand is increasing. The market still isn’t perfect for buyers or sellers, so navigating this spring’s home sale market could require more effort, patience and money than you might have thought.

To prepare yourself, the experts at Equifax recently published an article, “Low Inventories May Hurt Spring Real Estate Market,” which provides tips on getting the best deal and finding the best home in the current market.

Some of the tips include:

  • Plan to increase your down payment. A higher down payment will give you a competitive advantage over other buyers (especially investors who can pay with cash) and give you credibility with sellers. 
  • Consider making an offer above asking price if you find a home you really love. This may help secure your standing as a buyer. 
  • If you are in the market for a foreclosure or short sale, find a Realtor that specializes in those properties. Certified short sale and foreclosure agents will have an SFR after his or her name.  Likewise, find an agency that handles the most of these properties in your search area. They will be able to help you find the best properties and get the best deal.
  • Consider a fixer-upper. Prices on damaged foreclosures are still falling in priced compared to move-in ready ones.

Get more real estate tips, personal finance tips, tips on identity theft insurance, retirement and more on the Equifax Finance Blog.

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