Jul. 22, 2007
Copyright © Las Vegas Review-Journal
When
inventories dwindle, buyers often need to act swiftly
Generally, it
takes longer to sell homes this year than it did in 2006.
This is primarily because the inventory of homes for sale
has ballooned from the record-low inventories of recent
years. When the listing inventory grows, buyers have more to
choose from. They can hold out for what they really want
without worrying about prices rising in the meantime.
Despite the trend, there are areas around the country --
like the Claremont area of Berkeley, Calif., or Pacific
Palisades in Los Angeles -- where listings are in short
supply. In these markets, buyers aren't content to sit back
and wait for the perfect English Tudor or Spanish
Mediterranean. They are willing to make compromises.
Rather than hold out for everything you ideally want in a
home, be willing to drop some of your preferences. It's a
good idea to write down everything you'd like to have in a
home. Seeing the list can help you prioritize which items
are the most important to you. Divide the list into those
items you must have and those that are discretionary. This
way you'll be better prepared to make a decision about a
listing.
Low-inventory housing markets tend to be fast markets. You
may not have much time to decide if you want to make an
offer on a property. So, it's best to be prepared. This
includes being preapproved for financing.
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It also means being able to quickly analyze a listing to
determine if it includes enough of what you want and need.
Even when there is a lot of inventory, the kind of house or
condo you're looking for may be in short supply. So, you
should be prepared to act on short notice.
A compromise that many buyers make is accepting a property
that must be adapted to suit their needs. For instance, if
you need a studio work space, a basement might qualify for a
conversion as long as the house has plenty of storage space
elsewhere.
Just make sure if you buy a fixer-upper that you have a good
understanding of how much it will cost to make improvements.
Use the inspection-contingency time period to collect as
much information as possible about future renovation
feasibility and costs.
HOUSE HUNTING TIP: Buyers who aren't willing to trade off
property condition or location often find success if they
broaden their search to include more than just one
neighborhood. Buyers who won't compromise on location might
consider renting.
Renting before buying makes sense for buyers who are moving
into an area in which they've never lived before. If the
inventory is low, it allows you to get acquainted with a new
area while you wait for the right home to come along. You
could find after living in the area for awhile, you'd rather
live elsewhere.
It's difficult to buy long distance even under the best of
circumstances. When the inventory is low, it may be
impossible to buy within the timeframe you have in which to
move. Although renting is rarely a first choice, it is far
better than buying the wrong house.
It can be worthwhile even if you have to buy your way out of
a lease. It would be sheer luck if the right listing came on
the market just as the lease ran out. Plan to buy whenever
the right property comes along.
THE CLOSING: Low-inventory markets tend to be competitive.
Some buyers find they need to lower their price range in
order to compete if multiple offers are sending prices
significantly over the list price.
Dian Hymer is author of "House Hunting, The Take-Along
Workbook for Home Buyers" and "Starting Out, The Complete
Home Buyer's Guide," Chronicle Books.
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| 2003 © www.john-chapman.com
Real Estate information contained in this site deemed
reliable but not guaranteed for Las Vegas, Henderson,
Summerlin, Green Valley, North Las Vegas, Boulder City ~ Las
Vegas Real Estate. This covers MLS Las Vegas commercial real
estate or residential homes in Las Vegas, Henderson,
Summerlin, North Las Vegas and Green Valley NV. John Chapman
is a Realtor for RealEstate.com and serves real estate
clients looking for homes, condos, lofts, investment
properties and high rise condos in Las Vegas, Henderson,
Summerlin, Green Valley, North Las Vegas and Boulder City
NV. Floor plans and prices for new high rise condos, Las
Vegas homes and lofts are subject to change. Las Vegas MLS
multiple listing service data is provided by the Greater Las
Vegas Association of Realtors and includes Henderson,
Summerlin, Green Valley and North Las Vegas.
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