Whether you’re actively looking to buy or simply keeping up with the latest market trends, chances are, you’ve already heard the buzz around rising interest rates and plummeting inventory. Wondering what this reality could mean for you — and how to ensure you still come out on top?

Keep reading for our top tips for navigating DC’s low inventory market today!

#1 Tap Into Pre-Market Opportunities

Pre-market (or private market) listings are homes that are for sale, 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 national brokerage sites such as Redfin.

Pre-market listings make up a growing segment of the market, and they’re typically on platforms only available to real estate agents. And when inventory is low and there’s strong competition among buyers, it’s more important than ever to work with an agent that can tap into these networks — like Compass Coming Soon — and keep you informed on exclusive opportunities.

➤ Looking for more home buying resources? Check out some of our other blogs about buying a home here:

• A Guide to Financing as a First-Time Buyer
• Understanding Potential Resale Value when Buying a Condo
• What to Look for in a DC Real Estate Agent

#2 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. As a buyer, this not only lets you know what you can afford, but also lets the seller know that you’re a qualified buyer, which is particularly valuable in today’s environment — especially if in-person showings are involved.

#3 Request a Digital CMA

Whether you’re just starting your home search or preparing to make your best offer, a Comparative Market Analysis (CMA) will give you insights into pricing and market activity in your specific area.

#4 Make Your Offer Stand Out

When inventory is low, multiple offer scenarios — and bidding wars — are far more common. If you’re ready to make an offer on a home you love, work with your agent to do everything you can to elevate it over the competition, especially if the seller has other offers on the table.

Beyond being pre-approved, there are other ways to make your offer more appealing, such as 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.

Ready to find a home you love? Our experienced team is here for you! Contact us today here to get started.