How to adapt
Considering sharply increasing home values and the need of ordinary homebuyers to compete with investors for limited inventory, it is important for homebuyers to consider creative strategies for purchasing.
First, consider the time factor. It is routine today for buyers to bid on multiple properties before landing a contract that sticks. Recognizing that market conditions may increase the time it takes to secure a home purchase, buyers should have temporary or interim housing planned for longer than usual.
Next, consider the money. With more time to purchase also comes more expense, so homebuyers should also freshly consider the allocation of financial resources as well.
Given the extreme demands of the current seller’s market, home purchasing strategies are changing.