S2 Ep16 - Buying In A Tight Market - a podcast by Brian Cook And Kindra Cox

On Season 2 Episode 16 of The Brian and Kindra Show, they discussed home buying in a tight market. A tight market means the housing inventory is low. Currently, in Woodward, OK, our readers may find this to be true for them! Unfortunately, this sometimes means purchasing the house you hate the least. 

If you are looking to buy, the first and most important thing to do is get prequalified. Get a firm commitment from your mortgage company that you are prequalified to purchase a home. This will make the process so much easier. Hours, not days, are important in the game when you are buying a home that will have multiple offers. 

Stay in close contact with your real estate agent. Even if you don’t know what type of home you want, a realtor will still want to meet you. Speaking with them, you can establish a list of wants and needs so they can show you homes that match that. At the realtor tour every week, Brian and Kindra see every new listing in the area so they know what is for sale. Find a Realtor that knows the market and knows what is available in the market!

There are many websites that can show you homes in the NWOK area. Feel free to scout out homes on your own. Also, don’t be afraid to text your realtor. If you have questions on ‘for sale by owner’ homes, your agent may be able to answer questions for you about those. Advisably, you should get a realtor to assist you in the purchase to make sure the transaction runs smoothly. They are busy people, but will always be able to respond to a message or give you a call when they are free. 

Be ready to make a decision. As you go through the process of looking at homes, you need to be able to jump. Knowing inventory is low and knowing that other buyers might want the same house as you, you need to be prepared. There can be contingencies in the contract that will protect you for a portion of it if you decide after signing that the home isn’t for you. 

Bid competitively in a tight market. Everyone wants to win, so you need to stand out. Keep contingencies to a minimum. Many buyers require a loan contingency. However, some contingencies, such as the sale of your current home can reduce your chances of having your offer accepted. However, if you are unable to avoid a contingency to sell your own house, be sure it’s under contract already. 

Don’t get caught up in a buying frenzy! If you like a house but aren’t completely sold on it, it’s ok to wait! Don’t buy it! On the flip side, if you’re pretty sure about the home, but you’re worried about the roof, etc. go ahead. Condition issues can be discovered during the inspection period. It’s okay to wait for the house you want, just understand that in a tight market the wait could be a while.

Brian and Kindra hope this information has been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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