6 Tips to Overcome Low Inventory


Today, the greatest challenge faced by homebuyers is low inventory. In this highly-competitive market, it’s important to work with an agent who has an in-depth understanding of how to navigate the situation. Here are six tips to help you achieve your goals, even when facing low inventory.

Get Pre-Approved In any housing market, getting pre-approved for a mortgage is always the first step in the home-buying process. When searching for a home, buyers and their agents need to know exactly how much they can offer. And in a market defined by low inventory and multiple offers, sellers may not seriously consider offers without a lender letter. While waiting to get approved, you may be passed over in favor of potential buyers who submit proof of funds and mortgage approval letters with their offer.

Be Patient and Prioritize Due to increased demand and low inventory, it may take longer to find the right home for you. Patience, prioritization and compromise are key. You may not find the perfect home, but if you know what’s most important to you and what’s just a bonus, you’ll be able to find a home that meets most of your search criteria.

Ask About Off-Market and Coming Soon Listings A savvy real estate agent who’s well-versed in the local market can get you access to off-market or “pocket” listings that are only marketed by word-of-mouth. Your agent will also be aware of any coming soon listings to help you get ahead of the competition.

Be Prepared for a Bidding War A bidding war is all too common in a market with low inventory. If this happens, it’s important to know your limit beforehand and take the time to consider what the home is worth to you versus its current market value.

Make Your Best Offer Gone are the days of back-and-forth negotiating. If you love a home, be ready to put forth your best offer. Keep in mind, when sellers receive multiple offers, it’s not always the highest one that’s the most appealing. There are other ways to set your offer apart such as making a cash offer, waiving contingencies, or offering a seller leaseback. Discuss with your agent the terms that give you the strongest advantage.

Find an Agent You Can Trust Above all, find an agent you can trust! Buying and selling a home is exciting, but it can be nerve-wracking, too. The process can be complicated and the stakes are high. At Williams Trew, our agents are experienced, knowledgeable professionals who will always put your best interests first and provide you with the most current market research and strategic advice as you make one of life’s biggest financial decisions. They are engaged every day in the buying and selling of real estate. Allow Williams Trew to guide you through the process of successfully buying or selling your home. For more information, visit williamstrew.com today!

Inventory Breakdown by County

Tarrant County: -13%

All Counties: -9%

Bosque County: +22%

Collin County: -19%

Cooke County: -23%

Dallas County: -27%

Delta County: +35%

Denton County: -9%

Ellis County: +9%

Erath County: +6%

Fannin County: +37%

Grayson County: -6%

Henderson County: +4%

Hill County: -15%

Hood County: -6%

Hopkins County: -8%

Hunt County: +13%

Johnson County: +8%

Kaufman County: +9%

Lamar County: +18%

Montague County: +59%

Navarro County: +15%

Palo Pinto County: -13%

Parker County: -14%

Rains County: +63%

Rockwall County: +15%

Smith County: -35%

Somervell County: +23%

Van Zandt County: +10%

Wise County: +12%

Source: NTREIS MLS, 1/1/21-5/1/21 vs. 1/1/22 vs. 5/1/22