What to do in a low-inventory housing market

So you set off on the exciting, sometimes perilous, but ultimately rewarding journey of buying a house. If you're working with a good real estate agent, they've probably told you that you shouldn't settle. There are plenty of homes for sale and in time, you'll find the one that makes your heart sing. So what can you do when you need to find a house but just aren't having much luck in the market?

Settle

You may have had your heart set on a three-car garage, a deep bathtub and a master suite, but sometimes those luxuries might not be possible. Slashing off "must haves" from your list is a difficult process, and we're not suggesting you take any old house in any old neighborhood. Rather, be realistic about the market. Talk with your realtor and get a better understanding of what you can expect to get in your price range and still be happy.

Remodel

If the idea of settling left a nasty taste in your mouth, we have another, more palatable suggestion. Rather than settling, why not find a home that is lower than your budget and has what us polite Midwesterners call "interesting" features? Thanks to a number of shows on HGTV, America has something close to fix-it-up fever, and in this low-inventory housing market, there's good reason for that. With a good contractor, you can take a home you would prefer not to move into and transform it into your dream house.

Keep the faith

Housing inventory may feel low, but if your patience is high, it's very likely that the home of your dreams will go on the market. When it does, be ready to act quickly and put in an offer the moment you have that feeling in your gut that tells you this is the right house. You may get into a bidding war, which means you need to be prepared to go over your intended budget. If this is the case, be ready ahead of time so you know just how far you can stretch your finances.

To learn more about the housing market in Cedar Rapids and how to get exactly what you want, contact a Coldwell Banker Hedges Realtor® today. With years of experience, they know the area and can help you find a fantastic home!

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