What you CAN do when you can’t find a home to buy

Dated: February 27 2021

Views: 1027

Mortgage rates are still low, yet experts suggest that those rates and home prices will continue rising, so it makes sense if you want to buy now. With low inventory yet a high demand for homes, you may wonder what to do if you can’t find a home to buy, especially if you sell your current home. Here are our top recommendations on what you CAN do if you find yourself in that situation, followed by links at the end to help get you started….

  1. Get finances in order.
  2. Hire a good buyer’s agent.
  3. Be prepared to make a competitive offer.
  4. Be flexible with your criteria.
  5. Expand your location search.
  6. Expand your home search to new construction.
  7. Add “Plan B” options to the home search.
  8. When all else fails, consider “Plan C.”
  9. Share with others that you're searching for a home to buy.  

Let’s break down each recommendation with helpful tips to get you on the path of successfully buying a new home.

First, get your finances in order. 

Get your finances in order and get preapproved for a loan. Steps to take include: 

  • Check your credit report.
  • Pay off debt.
  • Know how much you can afford.
  • Avoid making any large purchases until after you close on a new home.
  • Save for your down payment -
    • A larger down payment not only helps you avoid PMI (extra fee for insurance), but it gives the seller confidence that this sale will close.
  • Check out our Buyers Guide for more information on being prepared, securing financing, and more.
  • Get preapproved for a loan -
    • This is essential in a market with such a limited home supply. It gives you a competitive advantage over buyers who have not been preapproved.

Second, use a good buyer’s agent. 

Who you work with matters. Not only will your Martin Realty Group agent guide you, be a trusted advisor, and advocate for you, but they will provide expertise, knowledge, and connections. Your agent will put you on an automatic home search. More importantly, when it comes to securing a new home in a limited inventory market, an agent with connections helps. We are prepared to tap into our database of potential sellers in the areas that you're considering buying. If you worry about selling your current home too quickly before finding a new home, your agent has creative ideas for that (including negotiation, housing, and financing), as well. Lastly, we have top negotiating tactics, great availability, creative ideas, and a commitment to helping you find a house that meets your needs.

Third, be prepared to make a competitive offer.

Once you have your finances in order and are pre-approved for a loan, this is where a Martin Realty Group agent can help you with creative and competitive ideas, which may include, but are not limited to, appraisal adjustments, price, option money, timeframe, financing information, cash offers, additional contingencies, lease-back options, and the closing date. 

Fourth, be flexible with your criteria. 

If you can’t find the exact house you want, be willing to give up some preferred wants for your required needs. If the home you find doesn’t meet all of your criteria, you can update and remodel that home, or upgrade to a new home at a later time. 

Fifth, expand your location search. 

You may find what you’re looking for in a different or less popular neighborhood. We know the area well and can help you find a home that fits your budget and lifestyle, especially if you’re willing to expand your search location.

Sixth, expand your home search to new construction. 

There are many options when it comes to new construction. Many people have an inaccurate view that new construction isn’t affordable. However, if building a custom dream home is not within your budget, there are many reasonable new construction homes available.

Seventh, add “Plan B” options to your home search.

Here are some creative ideas if you aren’t able to find a home to buy: 

  • Buy a townhome or condo. 
  • Buy a townhome duplex -
    • You can live in one unit while renting out the other one. When you find a single-family home to purchase, sell it or rent out the unit you were living in and generate even more income. 
  • Find a rental with an option to purchase. 

Eighth, when all else fails, consider “Plan C.”

If you sell your home and aren’t able to find something to buy, “Plan C” is to temporarily rent until you do find the right home. Our agents have great insight into our local market, have connections, and also specialize in helping you find a rental. Here are some rental ideas:

  • Home rental
  • Apartment, condo, or townhome rental
  • “Vacation” rental - 
    • There are some great deals because of off-peak season and travel restrictions from COVID
  • Corporate housing 

Ninth, share with others that you are looking for a home to buy.

Be vocal about it! You never know who may know someone selling or considering selling their home.

There are many things you CAN do if you have difficulty finding a home to buy. 

We realize you may feel anxious about buying a home in this seller’s market. However, with the help of a Martin Realty Group agent, you can have confidence knowing you have an expert advocate on your side. Get started on letting us help you:

Blog author image

Deanna Roskop

Deanna has degrees in Communication and Journalism and over 25 years of experience in customer service, advertising, marketing, communication, instruction, training, and public speaking. With this ba....

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