When demand for homes is high and supply is low, it can be harder for house hunters to find the right place. Use these alternative methods to find a home you love, even when the search gets tough.
1. Home search sites
Browsing through real estate websites can be an easy way to start your search. The platform ComeHome gives you the ability to filter your home search by what matters to you. You can save and track your favorite homes, plus get personalized home recommendations based on your criteria.
2. Work with a realtor
A licensed professional such as a real estate agent can help guide you through the buying process. They’ll be the first to know of any new houses on the market and what’s currently available. And if they’ve worked in your desired neighborhood before, they may have connections they can introduce you to. If you don’t already have a real estate agent, you can choose to be connected with one during the Ally Home pre-approval process.
Read more: The difference between pre-approval and verified pre-approval.
3. Online forums and pages
Sellers might post an ad for their listing in online groups, and if you check these pages regularly, you could be one of the first buyers to express interest. Explore Facebook groups and Craigslist postings to discover the houses that take a bit more digging to find. Use these sites to reach out to sellers directly and ask if their property is still available.
4. Explore neighborhoods
Take a drive or walk around neighborhoods you think you might like. Think about attending open houses in your desired area, even if you don’t want that specific listing. It could give you a chance to network and learn about the community. You might even meet neighbors who are planning to put their homes on the market soon. Be sure to introduce yourself to the listing agent. They may have other clients nearby or at least can help you better understand the area.
5. Advertise your search
Promote your search via the digital classifieds. Include your timeline, price range and the type of home you’re looking for in your ad so interested sellers can reach out to you. Consider posting your home search criteria on your social media profiles as well to expand your visibility.
6. Talk to landlords
If you find a home for rent, ask the landlord if they’d ever be interested in selling. They may be open to a rent-to-own agreement that gives you the option of buying the property before your lease ends. Even if they say no, they might know of other landlords in the market to sell.
Garage sales can be a sign the host might be selling soon.
7. Garage sales
Getting rid of clutter is one of the first things many homeowners do when they’re preparing to move. Garage sales can be a sign the host might be selling soon. Look for yard signs or online ads promoting these events then stop by to meet the owner and ask about their future plans.
8. Consider homes below your budget
If you locate a home below your budget that doesn't necessarily check off all the boxes on your list, it could potentially work out in your favor if you're able to use the savings left over to renovate the home to your liking. And a bonus to this method is that some repairs could even boost the home’s value.
9. Look for short sales
When banks want to avoid a home foreclosure, they might allow the owner to sell below market value, giving buyers a great bargain. Because short sales can be a lengthy process, you probably won’t be competing with lots of other offers. This process can be more complex, so consider enlisting the help of an agent.
10. Attend real estate auctions
Foreclosed homes often go up for auction, which can mean discounts and sometimes less competition. If you go this route, do your research on the risks associated with this method (in some cases you can’t perform a home inspection, for example). If you can afford renovation costs and are comfortable with the risks involved, check out real estate auctions in the area you’re looking to buy.
Be ready to buy
While you’re hunting for homes, you can take steps now to be prepared when you find the right one. One way to make your offer more attractive to sellers can be to get mortgage pre-approval from a lender like Ally Home. When the right opportunity arises, you’ll be ready to move quickly and seal the deal.
