Mortgage Advice

5 Creative Ways to Find a House When Inventory is Low

April 27, 2017

This is a guest blog post from Tim DeLongchamp at Atlas Real Estate.

If you’re a seller, the metro Detroit housing market is a dream. Buyer demand is high and the inventory of move-in ready homes available for purchase is low. However, if you’re a buyer, this can make it challenging to find “the one.” If you’re searching for homes and not having much luck, here are five creative ways to find a house when inventory is low.

  1. Hire a real estate agent.

While there are certainly a plethora of online home buying tools to aid you during your search for the perfect home, working with a real estate agent is a crucial step during the road to homeownership. Your real estate agent will be able to help you define your idea of the perfect house and can find homes that match your criteria regarding home values, styles, the surrounding neighborhood, school district and more.

  1. Broaden your search.

If you’re having trouble finding the perfect house, consider broadening your search criteria to allow for as many options as possible. This is especially important when inventory is low. Maybe having hardwood floors throughout the home, a finished basement or a two-car garage was of the upmost importance at the start of your search. If your initial search filtered out the homes lacking these elements, you would never know they were for sale! Ask yourself this: Is the specific thing you want worth missing out on other options, especially in a seller’s market?

  1. Lower your budget.

Although they might not be move-in ready at the time of your search, looking for properties well under your budget can be helpful if you’re having trouble finding a home when inventory is low. These fixer uppers can be molded into your dream home with a few renovations using the FHA 203(k) or HomeStyle loan.

An FHA 203(k) loan is an affordable financing option that can be used to turn a diamond in the rough into the perfect home. This loan option allows homebuyers to finance their home purchase and home improvements under a single mortgage loan. Plus, you’ll build equity before moving in! What’s not to love about that?

  1. Check expired and canceled listings.

Sometimes a house listing will expire in the MLS databases because the house wasn’t sold before the contract was up with the real estate agent. Canceled listings are the result of the homeowner taking their house off the market.

If you’re looking to get creative when searching for a home, ask your real estate agent to check these expired and canceled listings just in case. You never know—the homeowner may have canceled their listing due to not receiving enough offers in the past. It’s worth a shot!

  1. Explore rental properties.

When searching for the perfect home, many people don’t consider rental properties because they’re exactly that: rental properties. If you see a rental that piques your interest, have your real estate agent reach out to the landlord to discuss if they’re open to selling. Making an offer at the right time with the right price could be enough to entice the owner of a rental property.

How have you gotten creative with your house search? Send us a message with your feedback or tell us in the comments below!

tim-delongchamp-atlas-real-estateAs a licensed realtor for over 20 years, Tim DeLongchamp’s approach to real estate is to focus on the needs of his clients. His primary goal is to help his clients find the home that best suits their needs, or to market their home for the best price. Tim offers unparalleled guidance from his initial contact with a client, all the way to the closing table. He is a member of the National Association of Realtors, the Michigan Association of Realtors, and the North Oakland Board of Realtors. 

Do you have a question for Tim? Connect with him on Facebook!