The stories keep coming from agents throughout middle Tennessee about the fierce competition for getting buyers into a home. This past week, a property in Spring Hill had 35 offers in 35 hours and went under contract 2 days prior to the published deadline to submit offers. So, I’m just going to tell it like it is – if you’re looking to purchase a home right now, it’s tough out there. But let’s not leave it at that, because over the 17 years I’ve practiced real estate I’ve learned there is always hope for buyers – it just takes some creativity, perseverance and (yes, I’ll say it) prayer!
When we are faced with these market conditions, sometimes the path to victory is not exclusively being the most competitive offer on the table, but also mining for inventory in other ways. I’ve had success doing this, and I’m happy to share a few of my methods with you today:
- It ain’t over ‘til it’s over – A good REALTOR® is watching the inventory daily and has seen an emerging pattern of homes being sold more than once for various reasons. I’ve noted there is always a risk of insecurity overtaking the minds of buyers that have placed offers sight unseen, who may ultimately exercise one of their contingencies to terminate the contract. Following up consistently to see what the temperature of the transaction is and negotiating to have the seller accept a backup offer can position you to avoid another frenzy of competing offers.
- New Construction -There is a building boom going on with new projects being approved on a regular basis. Many builders only put a fraction of their inventory onto the REALTOR® and public access websites. Currently, some builders will put buyers on a waiting list for the release of upcoming inventory. Also, applying for preapproval through their chosen mortgage partner can sometimes give you a boost in being closer to the top of that list and having priority to get notified when the time comes.
- Pick up that phone – A persistent REALTOR® who has earned a strong reputation can quickly build rapport with other agents and get information about a listing they had that was either withdrawn or expired. There is a myriad of reasons that sellers change their mind about moving, so it’s always possible that circumstances have shifted again, and a sale may be on the horizon. More than once, I’ve had agents say “you know, I do need to follow up with them and see if they’d be interested in selling again” and thanked me for reaching out.
If you or someone you know wants an experienced REALTOR® in your corner to face the challenge that is homebuying today, I’d love to share more about how I can be that for you. You’re welcome to reach me anytime at 615-335-3270 or [email protected]
And I’ll close with this scripture: James 1:2-3 “Consider it pure joy my brothers and sisters, whenever you face trials of many kinds, because you know that the testing of your faith produces perseverance…” I will persevere with you every step of the way to finding your next home!