How to buy a house when there are no houses to buy

Kaitlyn Barks Real Estate Leave a Comment

We’ve said it before and we’re saying it again. Inventory is low!

It’s been low, but it’s getting worse.. Check out these stats for single family homes from the monthly housing report provided by the St. Louis Association of Realtors®:

  • October 2020: Only 1.9 month supply of inventory (down 34.5% from 2019)
  • November 2020: Only 1.6 month supply of inventory (down 40.7% from 2019)
  • December 2020: Only 1.3 month supply of inventory (down 43.5% from 2019)

What does this mean? There are not enough houses on the market for buyers to purchase! That means it is difficult right now for buyers to find what they are looking for.

Here are some tips and tricks on how to navigate finding the one in these wild times:

  1. Try expanding your criteria.

    Could you…  Commute 5 more minutes? Increase your spend by a small amount? Consider a different school district?

  2. Try seeing the potential beyond the photos.

    Could you… Paint the walls a more tasteful color? Install additional lighting to brighten the space?

  3. Try hiring KB Collective!

    We are industry professionals with firsthand knowledge of what’s coming soon to market. We can also help you visualize items 1 & 2!

  4. Work with your real estate professional to find a qualified FSBO.

    For Sale by Owner (FSBO) priorities often get overlooked, as they are not advertised on the local Multiple Listing Service (MLS)!

  5. Tell your friends!

    Let your network know that you are actively looking for a house.

  6. Be really honest with yourself about what you must have versus what would be nice to have.

    There are only 3 things you really can’t change – location, school district, and the lot. Prioritize what you’re looking for, and then go find it!

  7. Considering building!

    Psst: we can help with that too!

Hang in there, buyers! It may feel discouraging and like the process is taking a while, but we promise when you will find the one, the wait will be worth it! It almost always is 🙂

About the Author

Kaitlyn Barks