I Can't Find a Dream Home with Limited Inventory

By: Negeen Masghati, VP, Designated Managing Broker
Baird & Warner – South Loop

If you were to ask today's home buyers what their greatest challenge is in the market, you may be surprised to hear that it's the lack of housing inventory and not the highly scrutinized mortgage interest rates. Despite higher rates, there will always be people who need to move, thanks to the many changes life throws our way. But in a low inventory market, where will they move to?

As an active buyer, did you know that you are not limited to the housing inventory that is listed on the MLS (multiple listing service)? In fact, your Baird & Warner agent can help you source several additional properties by leveraging the resources available to them, including:

1. An invite-only home search app called Zenlist. 

This easy-to-use app grants home buyers, like you, the ability to search private listings that have not yet been made public, therefore they are not visible on sites on Zillow and Redfin. See a private listing that you want more information about? Simply message your agent through the app and they will get on it!

2. Your agent can mail an "I have a buyer" letter.

If there's a neighborhood, subdivision, or building that you have identified as your preferred location to purchase a home, your agent can stir up a potential seller by letting the property know someone is interested in buying. Oftentimes, there may be a potential seller living in the location that has considered the idea of selling but hasn't taken any steps toward listing their home. Your agent's letter could prompt them to reach out to set up a showing with you. Your agent can also create an "I have a buyer" post for their social media pages and leverage their network of agents who may know a potential seller or have an upcoming listing in your desired location.

3. Your agent can reach out to expired/canceled listings.

Sometimes, homeowner's listings expire or get canceled and are just never relisted. Given that those sellers had tried to sell their home once before, they may be more ready and willing to sell than a purely cold listing lead. 

There are many creative ways to source inventory for your homebuying search. More than ever before, it's crucial to have a savvy real estate agent and local expert to help you develop a winning strategy to find your dream home. Connect with your local Baird & Warner agent today to start your homebuying journey.