Posted on: 1 February 2017
Purchasing a home can be a difficult task even in booming real estate markets. Finding a property that fits the budget and has the features that the home buyer desires is even harder when there aren't a lot of properties to choose from. Finding real estate for sale in markets with low inventory may be a daunting task for many home buyers. However, there are a few different options for anyone looking to purchase a home in markets that don't have much to choose from.
Consider Older Homes And Fixer Uppers
When it comes to homes, newer is better for many potential buyers. Around 41% of buyers prefer a newly built home while 21% want an existing home and 38% have no preference. While a new build may be the preferred choice, it may not be available or affordable in certain real estate markets. Older homes and fixer uppers may be the best way to break into a real estate market with low inventory. These homes can be renovated in order to suit the buyer's needs. In real estate markets that lack options, purchasing an older home and renovating it may be the best choice for home buyers who would usually want to purchase a new home.
Build A Home
Another option for potential home buyers is to look for lots for sale instead of a home that's already built. Purchasing a lot in the desired area and then building a home is a great option in areas where there aren't a lot of houses on the market. Not only does it allow the home buyer to live in their desired location, but also it allows them to customize their home to their wishes. Building a home costs on average between $178,010 and $466,493.
Convert Building Into Residence
Another option that may work for buyers who are willing to think outside the box is to purchase a building and convert it into a residence. Almost any type of structure can be turned into a home. Barns, churches, lighthouses, and firehouses have all been turned into residential homes through a few adjustments. This process can involve a lot of time and renovation, but for many people, it's a great way to get a unique home. It's also a great way to get a unique home in markets where homes for sale are few and far in between.
Real estate markets that are competitive or that lack inventory can be difficult to navigate. However, there are a few things that potential home buyers can do. Looking for an older home or a fixer upper may make it easier to find a suitable home. Purchasing a lot and building a home is also an option in these types of markets. For those who are willing to take a risk, converting a building into a residence can be a unique and exciting way to get a new home in a market with low inventoryShare