Frustrated!!!!!

Just a vent- why do I feel like there is absolutely no inventory out there in our budget!!!!!!
On a side note has anyone bought a for sale by owner? We found one we like yesterday but have no info on the process.

Thanks in advance :)

Frustrated!!!!!

Not much help, but DH & I looked for an entire year and at almost 100 houses before we bought our first house. Everything in our budget was frightening! We finally stumbled across a perfect house, went into a bidding war, and got it. The second time we bought, we looked at a lot fewer houses!

I wouldn't be opposed to a sale by owner if I could have an agent representing me. See if they're open to giving up 2% of their sale to your agent- might be worth it for them if no one has been biting!

Re: Frustrated!!!!!

It is frustrating for a lot if buyers right now. In many areas, demand exceeds supply, and that means prices are rising.

Do you have a buyer's agent? I think having representation is always a benefit for the buyer, but in this type of market, the guidance a buyer's agent can provide is key.

Are you looking in an area where most homes are out if your price range? If you are sort if in the "entry price point" for an area, homes will be few and far between and get snapped up quickly.

Is your must-have list realistic for your budget in a certain area? I usually tell my clients about the 2 out if 3 rule, which almost always applies. There are 3 things at play - budget, desired location, and house criteria. If the location and budget are firm, you usually have to be more flexible on house criteria. If you can expand your search to other areas, then you may be able to get everything on your wish list (or more things) and stay in budget.

Also, I always advise my clients to not get too hung up on online listings and rule out potential houses that way. It's easy to overlook a house that may have great potential, but perhaps the listing agent took bad photos or wrote a lackluster description. It's hard to get a sense of things like room side, layout, etc from online listings.

None of this may apply to you, but just offering up some things to consider if you are trying to rethink your house hunting strategy a bit as frustration sets in.

As far as fsbos, I have sold homes that were fsbo as a buyer's agent. Many fsbos are willing to compensate an agent who brings the buyer. The process is the same, but I think it's helpful to have an agent involved to advise you on home value, handle negotiations, be present for the home inspection, make sure all if the requisite forms bad disclosures are filled out, etc. if you have specific questions about fsbos, let me know!

Re: Frustrated!!!!!

We bought a FSBO 8 years ago. It was a really smooth and easy transaction. We saw the house at an Open house, called the owner with our offer. He called asked for us to fax our pre-approval letter, and once accepted the lawyers basically took over! I would call the wife about questions and such. The day of our inspection she bbq'ed for us and we spent 2 hours just hanging out with her!

Re: Frustrated!!!!!

We did a FSBO, kind of unofficially, as we found out through a family friend. It was pretty smooth sailing, though since we didn't have agents to go through, it got awkward when we had to negotiate certain items because we had to be the "bad guys" and couldn't filter requests through another person. Overall it was a positive experience though!

And yes, it is SUPER DUPER frustrating trying to find something. It took us a few years of off and on again looking to finally land a house!