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Originally Posted On: https://www.camijoneshomes.com/what-is-lack-of-inventory-and-what-does-it-mean-to-you/
The lack of available real estate inventory poses a challenge but it can be a good thing, depending on what side of the transaction you find yourself! The Kansas City real estate market has been very hot, often resulting in multiple offers on Day 1, and many sellers find themselves receiving OVER asking price with no contingencies attached. A hot market is typically good news for sellers: inventory is low, and competition is high.
On the flip side, homebuyers will be up against a lot of other people vying for the same piece of property, and up against a short supply of existing homes. Also, first-time buyers in high-demand areas may find that their best offer is beaten out by cash buyers and investors. Use an experienced real estate agent (like any one of us on the Cami Jones & Co team!) to help you get a handle on the market and look over what’s available. You will need to decide where you can or can’t (or aren’t willing to) compromise. Remember, finishes and appliances and paint colors are easy to change, location isn’t. (Read our previous post for tips on buying!)
As a buyer, you’ll want to get your financing lined up so you don’t waste any time in a hot market. Once you find the house…be ready to pull the trigger with your offer! And be ready to offer without contingencies. In a hot market, sellers will likely take the cleanest offer: the one with no contingencies, the one with the most money down and the one offering the quickest (or most preferable) closing date.
Above all, be flexible and be patient! Your dream house awaits, it’s just a matter of time. Good luck! Call us today and let us help you sell and find your next home!