While it's been great to be able to report, month after month, that the Albuquerque area real estate market is so very buoyant, it's also become something of a less pleasant habit to report the ever reducing availability of homes for sale in the area.
While this is generally very good news indeed for sellers, in the short term at least, what we'll never know is how much better the market would be if the supply of homes were keeping up better with the excellent demand levels.
The shortages clearly are a bigger immediate problem for buyers, who can often be faced with less choice than would be absolutely ideal.
It also, of course, means that there is greater buyer competition, especially for the very best presented homes in each sector.
What this means therefore, is that buyers need to have their own house in order, as it were, prior to setting out to choose and purchase a home.
Here are some simple tips for getting ahead when you're competing in a low inventory environment.
Know what you want - Now, perhaps more than ever, it's essential to know exactly what sort of home you are looking for. That's because any kind of indecision means you'll very likely be behind other buyers in making offers. Naturally enough, with a shortage of homes and high demand comes the possibility of multiple offers for the best properties. Any indecision on your part means that you'll regularly miss out as more focused buyers act fast.
Be willing to think outside the box - Now, having just said that it's a great idea to know what sort of home you want, there may not be many of those properties available. In this situation it may therefore also be necessary to consider properties that don't exactly fit your ideal specification. Some flexibility is a very good thing and, who knows, you may even stumble across a home that suits your needs even better than the one you had in mind!
Be flexible on location - Just as you may have to compromise on the exact home you're looking for, it's also quite possible that there will be no such homes in your ideal location. Again, be willing to consider alternative areas and you again might find a solution that is better than what you'd envisaged.
Be pre-approved for a suitable home loan - We do cover this subject very regularly in these blogs, but that's for the excellent reason that it's an absolutely essential one for home buyers in today's competitive buying market. Sellers can often choose between competing offers and, naturally enough, all other things being equal, they will favor buyers who actually have pre-approved finance that will enable them to purchase the property. Another reminder that pre-qualification is not the same thing and doesn't contain a guarantee that a lender will support you - essentially it's just a guide to what you should be able to borrow.
Team up with a great buyer's agent - While they've always been important, the best buyer's agents are worth their weight in gold in today's busy market. That's because they have the best connnections with top listing agents and often know about homes coming onto the market very soon before any marketing starts. No prizes for guessing how important that is right now. They also know how to negotiate the very best deal for you and will help you throughout the buying process.
Why not contact us today and find out how we can help to give you an edge with your buying strategy or, if you're a seller, how best to take full advantage of the current supply/demand equation that's so in your favor right now.