High Demand Meets Low Inventory

This year's housing market has brought forth an interesting, and at times frustrating, situation for buyers. The recovery of the market has created a solid demand of buyers who have been met with a shockingly low supply of inventory. To overcome this situation, the solution requires a lot of patience and the addition of some creative strategizing to the house hunting process. However, rather than search for one specific type of home, its important to remain flexible and explore other potential options. Especially when inventory is limited. Before calling the search for your new home off, consider these four potential alternative solutions. 

4 Creative Work Arounds 

1. Buy a Fixer Upper - That run down house that's been on the market for months could be the diamond in the rough if you have the right vision and perspective. Talk with your agent about the possibly renovations to be made, strategize costs and ask your realtor for any recommendations for reliable renovation professionals. Also have your agent see if you could qualify for and take advantage of a renovation loan. 

2. Buy a Tear Down and Rebuild - If a fixer upper sounds like too much of a risk, then start looking for vacant lots or a potential tear down opportunity. You'll have control over the look, style and build of your home and turn your new home dreams into a reality. 

3. Explore Potential Rent-to-Own Opportunities - Many homeowners are currently renting out their original home, rather than selling it out right. With the lack of inventory available to purchase right away, it may be worth seeking an owned property to rent and discuss the potential to own later on down the line. 

4. Invest in a Larger Home with Rentable Space - While it may seem like a bigger investment at first, having the ability to off-set a portion of your mortgage with rent is a strategic tactic when you're looking to buy right now. If you can afford a larger mortgage and don't want to wait any longer, have your agent help you find homes that have reasonable rental extensions or spaces built into the property. 

Finding your New Home 

With a limited selection of inventory currently available, you may even want to consider expanding your preferences on the city you like to live in. If you're interested in moving to or relocating within South Orange County, finding a real estate agent who knows all the details of the county and every city within is crucial. Patience is key, but so is a good real estate agent. With more than 17 years in the area, I can help you find the right home and explore all the potential opportunities available. Call me today at 949-500-9714  to get started on your home search and let me help make this move a whole lot easier. 

For more information, read the full article here.