How to Purchase When Inventory is Low Today I’m going to to speak about a problem that a lot of buyers in Silicon Valley have been asking me about lately. Inventory is currently very low in this area, and clients have been asking me how to buy a home with so few properties available. I have three simple things you can do to increase your chances of finding a great home for yourself.
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1. Get Gateway Access to the MLS: A lot of people only look for homes on websites like Trulia or Zillow, and while these are good resources, they do not provide direct access to the MLS. For a property to show up on Trulia or Zillow, it can take anywhere from 24-72 hours to be uploaded, and in a fast-paced market such as the one here in Silicon Valley, it’s just not fast enough. The MLS will give you the best chance to find up-to-date properties with accurate information on them.
2. Get Access to Off-Market Properties: What I mean by this is that you should be looking at private sellers, builders, developers, or perhaps people that are flipping properties. Here at Bret Jennings Real Estate Experts, we’ve been cultivating a list of more than 100 properties that are not on the MLS. With only 750 properties available on the MLS, our list represents almost 15% of all available inventory in Silicon Valley. Feel free to click the link below to request a copy of our Off-Market List.
3. Be Proactive in Your Search: Whoever you’re working with in your search for real estate, whether it’s yourself or another agent, you need to be proactive in your search. What I mean by this is that your realtor should be engaging in a telemarketing campaign, a direct mail campaign, or even a door knocking campaign. You want to contact any and all potential sellers in your neighborhood so that you can put an offer on a property before it hits the MLS. This way you can make an offer on their home and avoid a bidding war before it goes on the open market. Turn over every stone that you possibly can.
These are three great strategies for finding homes when inventory is low. Also, by finding properties not listed on the MLS you have a better chance of finding a good deal with less competition.
Of course, the best thing that you can do to find yourself a great home is to contact your real estate agent. If you need assistance finding real estate in Silicon Valley, allow me to be your resource. I can be reached at (408) 807-4541 or visit www.TheBrettJenningsTeam.com