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Insider Tips on How Home Buyers Can Get a Competitive Edge In The Current Housing Shortage

First Team Real Estate

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December 11, 2020

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Today’s housing market is very competitive for homebuyers because we’re experiencing high demand thanks to low mortgage rates, and low inventory as we are in the midst of a nationwide housing shortage. The real estate market is booming despite the pandemic because these conditions of low supply and high demand have been driving up home prices and increasing home sales.Looking at the data for Orange, LA, Riverside, San Bernardino counties, inventory hit a new low this past October with only 1.3 months of inventory. That’s a 32.6% decrease in active homes for sale compared to last year. In the San Diego housing market, inventory is even tighter, falling to 1.1 months of inventory in October.

Graph shows housing inventory on the MLS for Orange, Riverside, San Bernardino and LA Counties over the last year

Anything less than 3 months of inventory on the housing market is considered a seller’s market. When months of inventory drop low like this, it means the housing market gets extremely fast-paced, dominated by lots of buyers snatching up properties quickly and few sellers with homes to choose from. So how can buyers possibly get a competitive advantage in such a tight seller’s market? With access to off-market listings.

How We Share Off-Market Listings With You

Including off-market listings and our clients who will hit the market in either a few days or months, our proprietary SNEAKPREVIEW℠ system shares our exclusive listings with all First Team agents and their buyers to give them the first pick of new inventory. And as the #1 Broker in Southern California – it’s the biggest selection of local inventory you’ll find.We work with more buyers and sellers than any other real estate company in the area, which means we’ve got one of the single largest selections of off-market inventory at our fingertips. SNEAKPREVIEW℠ is a part of our Buyer Delivery System that helps match up buyers with the perfect property faster and easier than any other company because our entire network of over 2,400 local real estate experts work together to make it happen. That’s the power of teamwork!

First Team Collaboration

SNEAKPREVIEW℠ isn’t the only way we work together to find the right home for you. We also use an internal communication platform to share upcoming Listing Appointments, First Looks at just listed homes, and Properties Needed by the buyers we represent.Our agents can share whenever they take a listing appointment, so they can start matching buyers with new inventory faster, and showing sellers what kind of demand currently exists for their home. Our First Look discussion allows agents to give First Team only agents and their buyers a 1 or 2-day heads up before a property goes live on the market. And our Property Needed platform is where agents can share all about their buyers’ wants and needs to see if anyone within our extensive network of contacts knows of a property that could be a match.So if a home is already publicly listed on the MLS or Zillow, you’re the last to know. Gaining access to off-market listings, especially during a housing shortage, is the secret to getting that competitive edge needed to be the first one in the door when the right home comes along.