Housing Inventory Near All-Time Low, Buyer's Edition

You've heard it on the news, you've read it online but how does low housing inventory effect the average consumer?

For buyers, this is one of the most competitive buying markets you'll ever come across. Homes for sale that are priced near market value are breaking out into crazy bidding wars where some houses have sold for up to 20% above asking price. Don't worry too much though because you have some options.

1) Make your offer stand out from the competition. Whether it means waiving various contingencies, putting down a larger down payment to give the seller confidence that your deal will hold firm and not fall apart at the closing table, or even just meeting with the seller face to face to explain why their home is so special to you (yes, some sellers take emotion into consideration). Find different ways to make your offer stand out from the rest in a multiple bid situation.

2) Hire a realtor who actively seeks out off-market properties. With the shortage of inventory I've been prospecting for a minimum of 3 hours per day for my buyers looking for off-market homes that might be open to offers. Basically, I have my buyers tell me exactly what section of town they are looking in and their housing preference and I will call every house in that area and even door-knock the houses that I feel are the best fits. In North Caldwell alone I was able to find 8 homes off of the market that were open to offers for my clients. What it comes down to is actually working and seeking out business rather than waiting for business to come to you.

By the way, I recently launched my website, check it out! NorthJerseySuburbs.com

-Kyle Kovats, New Jersey Realtor