Six Ways to Navigate Low Inventory in Today’s Real Estate Market

 In today’s real estate market there is not much to look at while on the hunt. Those in search of their forever home are finding too common: few options or hardly anything in their price range. Trulia reported that first-time home buyers have seen a 12.1% drop in available homes since 2012. Trulia along with Forbes posted six possible tactics to try in this low inventory housing market.
Tactic 1: Start with a higher offer (within reason)
Coming in with your best foot forward can give a potential buyer the cutting edge they need to secure the deal. Be sure that you can afford the hike in offering price.
Tactic 2: Act Quickly, but practice patience
In this competitive market Trujia reports that buyers and sellers are no stranger to the “hurry up and wait” principal. In this market both should make haste but be prepared for a lengthy process.
Tactic 3: Be flexible on closing dates
Today many sellers are faced with extenuating circumstances that can effect the closing dates. Buyers can expedite the process by shortening inspections.
Tactic 4: Rent the home back to the sellers
It is already difficult enough to sell your home, but purchasing one while your trying to sell is a ever common issue many face. It might increase your chances for accepting your offer if you suggest renting the home back to the sellers for a short time after the the purchase.
Tactic 5: Write a great offer letter
When buying a forever home you are also moving into a community. Try writing a stock letter explaining who you are and give it to the seller.
Tactic 6: Approach landlords
Try approaching rental properties and asking if they are willing to sell. This is not always feasible but you may never know.