I’ve been looking for homes and townhouses in Santa Clara and Alameda Counties for home buyers for the last 6 months and there is one thing every buyer in today’s market needs to understand. Inventory is very low! Here’s a couple of things I’ve been advising my buyers in this market:
Be patient with the process and understand there will be a lot of competition in this market.
Plan to offer at list price or above if you truely want that home.
See the property as soon as possible. Some homes are on the market for less than 7 days then it goes sale pending. Being proactive in this market will help in your home search.
Keep open line of communication with your lender. When submitting an offer your agent will need an updated pre-approval letter and if your lender is difficult to make contact with it could mean the difference between having your offer reviewed or not.
There has been talk of shadow inventory hitting the market for well over a year now. The truth is nobody knows if or when more inventory will open up. So as you go through you the process of your home purchase understand what the market is doing and this will better prepare you as a buyer to navigate the process with your team of lender and Realtor.