What happens when you're out scouting neighborhoods and you realize there's not much to look at?
The number of homes available to first-time homebuyers has dropped 16.8% on Long Island from last March.
Finding few options, or maybe even nothing for sale in your price range is increasingly common for Long Island home buyers. But, you can buy a home, even when there is low housing inventory.
Here are some tips when shopping for a home in a low-inventory market.
Offer a higher price — within reason.
Go with your best and final offer immediately. You'll need to make sure you can afford. You could also offer more money upfront. It shows the seller you're serious, and it could make your offer stand out.
Be ready on a moment's notice to make an offer on a listing. Make sure you are pre-approved, have your down payment ready and everything else your Realtor suggests you have before you start making offers.
Be flexible on closing dates
Be ready to close quickly too. If your seller needs a quick closing, your offer might have more weight if you can sprint to the closing table. Ask your Realtor how you can speed up the process.
Write a great offer letter.
Many sellers care about who will buy their home. Write letter explaining who you are and why you love the house and neighborhood. If offers a wonderful personal touch and connects you to the seller on another level, showing them it’s not just a transaction.