Buying a Home, Even When There is Low Inventory

Housing inventory has been tight in Chicagoland for years now. With little new construction relative to demand, the situation isn’t getting any better. 

As a prospective homebuyer, you need to prepare yourself for a little extra work and flexibility compared to a buyer’s market. But, if you take these three steps and have a Mainstreet REALTOR® by your side, you can find a Northern Illinois home you’ll love. 

Rank your “must-haves”

When inventory is very limited, you may have to take a second (or third) look at your “must-haves” list and start ranking the items on it. Are there items there that you can live without, or add after moving in? 

If you need to start cutting from your list, ask your Mainstreet REALTOR® for advice. Mainstreet members have the local neighborhood expertise to help you weigh the cost and inconvenience of various renovations. Your Mainstreet REALTOR® will likely be able to connect you to trusted local businesses that can handle the work for you as well.  

Widen your geographic search 

While you may have your heart set on a specific neighborhood, odds are that there are other areas in the same region that offer many similar amenities. Talk with your Mainstreet REALTOR® about your overall goals for where you end up. 

Plenty of Northern Illinois suburbs offer highly-sought after qualities like highly-ranked school systems, easy Metra access, and great outdoor spaces. If you open your search outside of a tight radius to consider neighboring suburbs, you may be able to double or triple the number of homes available to tour.    

Recognize the limits of your negotiating power

Your ability to negotiate as a buyer is heavily dependent on the current market. When inventory is low, you are unlikely to receive many concessions from a seller, and should be careful what you try to bargain for. In these situations, haggling over a few thousand dollars may risk the sale. 

It’s natural to want to make the best deal you can on your home purchase, but when inventory is low sellers may be weighing interest from many buyers. Consult with your Mainstreet REALTOR® about any concessions you hope to ask for. They can advise you as to what is realistic, and how to frame any requests that you do make. 

For more homebuying advice, check out our "Info You Need to Know" page.