Page 54 - February 2021

An article from a Chicago Lodge 7 Magazine sponsor
How home buyers can navigate inventory challenges
Whether you’re buying or selling a home, or you just keep up with real estate news, you’ve proba- bly heard about the lack of inventory in housing markets throughout the country. While fewer properties on the market means increased competition for buyers, there are still ways
for home shoppers to navigate inventory challenges and have an edge in the mar- ketplace. Here are a few tips:
Tap into pre-market opportunities
Pre-market (or private market) listings are homes that are for sale (i.e., there is a signed list- ing agreement) but are not yet publicly listed on the MLS. As a result, buyers won’t find these listings on major search portals like Zillow, Trulia or Realtor.com, or on national brokerage sites
such as Redfin.
This could be for a variety of reasons. A seller may want to
do some prep work to get their home ready for sale or may be waiting for spring. In some cases, it’s the desire for privacy.
Pre-market listings make up a growing segment of the mar-
ket, and they are typically on networks available only to real es- tate agents. When inventory is low and there is strong compe- tition among buyers, it’s important to work with an agent who
LISA SANDERS
54 CHICAGO LODGE 7 ■ FEBRUARY 2021
Real Estate
can tap into these networks and keep you informed about new opportunities.
At @properties, all of our agents and their clients have access to Zenlist, a home search app that includes both active MLS listings and pre-market listings, all on
one platform. Meanwhile, @properties’ internal @agent app is another resource that helps our agents match buy- ers with homes for sale. Reach out to your @properties agent
to learn more.
Get pre-approved
An up-to-date mortgage pre-approval (or proof of funds if you’re a cash buyer) is essential if you’re looking to purchase a home nowadays. This lets you know what you can afford and lets the seller know you’re a qualified buyer, which is especial- ly important in today’s environment if in-person showings are involved.
Talk to your mortgage broker to make sure your pre-approval is current. If you don’t have a mortgage broker, your agent can share recommendations.
Request a digital CMA
Whether you’re just starting your home search or preparing to make an offer on a property, a comparative market analysis (CMA) will give you insights into pricing and market activity in your specific area.
The proprietary digital CMA from @properties takes the tra- ditional CMA (think paper printouts and PDFs) to the next level by providing real-time MLS data in an interactive, digital plat- form that you can access on the fly. You can also add properties to the report and leave comments for your agent to review.
The digital CMA ensures you always have the most accurate data to make the most informed offer on a property.
Make your offer stand out
When inventory is low, multiple offer scenarios are more common. If you’re ready to make an offer on a home you love, work with your agent to make your offer stand out, especially if the seller has other offers.
Beyond being pre-approved, you can make your offer more appealing by increasing your earnest money deposit, waiving certain contingencies or being flexible on terms that may be important to the seller, such as the closing date.
Lisa Sanders of @properties has been selling real estate for more than a decade. Contact Lisa at 773-398-0378 or lisasanders. sold@gmail.com. This article was written by Arianna Frederick, the communications coordinator for @properties.