According to the real estate website Millionacres, the U.S. is currently experiencing a housing shortage. Most home buyers and sellers across the country can agree that home prices have reached record levels. The high home prices have led to low inventory and created imbalances in the real estate market. 

What exactly is considered "low inventory" in a real estate market? It's measured by looking at a six-month housing supply at any one time. If no new homes enter the market, there should be enough homes to sell for six months. Anything less than that would be considered a housing shortage. A housing shortage or low inventory market is also known as a seller's market.  

Fairfield County, CT, is no exception to this competitive housing market. House prices are up over 18% since last year, and homes are consistently selling for over the listing price. Fairfield homes for sale sell on average for $575,000. With so many 10/10 schools, according to Redfin, it's no wonder families are flocking to this county. 

Obtain Your Mortgage Pre-approval Letter Before You Start Searching for a Home

To be competitive in a low inventory house market, you'll want to make sure that you're pre-approved for a mortgage before you go house hunting. Work with an experienced realtor to help estimate how much mortgage you need to qualify for to buy the home of your dreams. 

Sometimes not having a pre-approval letter can lead sellers to believe you're not a serious buyer. Not being pre-approved for a mortgage could hinder you from purchasing the home of your dreams.  

You may also want to consider whether you can afford a bit more mortgage than you originally budgeted for since you want the ability to ensure a competitive offer if you do end up in a bidding war in the Fairfield, CT, real estate market. Remember, low inventory means you will likely have to pay more than the house's asking price. 

Be Ready to Move Fast

In a low inventory estate market — especially in the Fairfield, CT real estate market — offers can be extended and accepted in a matter of hours. What you thought might be a one or two-month process can turn into a two-week process, leaving you scrambling to get together all the necessary paperwork and funds. 

Work with your Fairfield, CT, real estate agent and loan officer to ensure that you have all the necessary paperwork collected in an organized manner so that you're prepared for closing. It would also be best to put any money you plan to purchase the home in a separate bank account. Now is not the time to make large purchases or transfer large sums of money in and out of your bank accounts. 

Offer Sellers More Money

Offering more money upfront when bidding on a Fairfield, CT home for sale will make your offer more competitive. Try to provide the best offer in your first bid for a home to show sellers how much more serious you are than other buyers. 

Make sure that you can afford whatever you're offering in your bids! Alternatively, you can also provide more money upfront in the form of earnest money. Instead of going with the industry standard of $1000, sacrifice $15,000 and set yourself apart from other bidders. 

Narrow Down Your List of Must-Haves or Be More Flexible

It would be the perfect scenario to purchase your dream home with all the features exactly as you want them. However, most homes are not going to be your "perfect" home. Try to have a vision for how you can turn not-so-great properties into a dream home, especially in a low inventory housing market. 

Work with design firms before going house hunting so that you can have a partner in creating your perfect home. This will also allow you to anticipate the additional money you’ll need to bring some of your ideas to fruition. Partnering with a design firm can also connect you with all necessary vendors and take a lot of stress out of the process. 

It will also help if you're flexible in other areas, such as closing dates, seller's fees, closing costs, and repairs. Not being a demanding buyer will boost your chances of quickly landing the deal on a Fairfield, CT home for sale.

Expand Your Search Beyond Fairfield County, CT

You may have an ideal neighborhood that you'd like to purchase a home in, but the reality is, with a low-inventory real estate market, you may not get the opportunity to buy in your favorite neighborhoods. If you modify your expectations and allow yourself to expand your geographical preferences, you're much more likely to find a home. 

Expanding the locations of your search may mean looking at homes around or near Fairfield County. Be open to different possibilities, and you may find the perfect home in the perfect neighborhood in a place you never expected!  

Work with an Experienced Realtor 

To move quickly and find as much inventory as possible, you're going to want to work with an experienced realtor who is an expert in the Fairfield, CT real estate market. Search for a real estate agent who will help you write a compelling and competitive offer, offer the inside scoop on properties that may not have been listed yet, set up open houses for you, and generally be an advisor throughout the process. 

A Fairfield, CT real estate agent like those at The Local Realtors can also help you keep a clear head, since purchasing a home in a low inventory real estate market can lead even the most experienced buyer to buy a property for way more than what it's worth. Treat your real estate agent as a trusted advisor and expert professional to guide you through a low inventory housing market.