In today’s wild real estate market where we have very low inventory and coming off a worldwide pandemic, is causing havoc with buyers. Buyers are not the only one feeling the effect, sellers may be reaping the benefit of multiple offers, but they too will have to enter into the buyer market.
Buyers and their Agent should think outside the box and be very proactive in other realms of finding a home. Below are some ideas to get the cognitive part of your brain fired up.
Search For Sale By Owners (FSBO)
For sale by owners can be over looked by many people. Agents tend to get complacent and only look for homes on their local MLS. Your FSBO websites like FSBO.com & forsalebyowner.com are few great resources to find these sellers. The best site or sites I have found is your local dominant classified ad source. In my area of Salt Lake City is KSL.com.
Off Market Homes
You should be reaching out to the agents who have homes in “Off Market” status. The seller could have decided to take their home off the market temporarily for several reasons. There may a timing issue or the home may not be showing all that good. Example would be pet odor that is turning buyers off. Regardless the reason, off market homes are a great source of homes in which you and your Agent should investigate.
Homes that need work
These homes can be on the MLS or are being marketed by FSBO. Most buyers are afraid or just uneducated when it comes to homes that need some TLC. With loans like FHA 203K and Fannie Mae’s Home Style Renovation mortgage, these loans can provide a convenient and flexible way for buyers to purchase homes that need TLC and updating. FSBO homes that need repairs can be a-diamond-in-the-rough and are widely over looked. These sellers are receiving more calls from investors than home occupant buyers.
Garage Sales
What, garage sales? Yes, most of the time sellers will have several garage sales before they go live on the market, to help clear up clutter and cut down the moving content. Skim through your local classifies on the web or market places on Facebook. This will take interaction with the people who are having the garage sale. Strike up a conversation with them and probe deeper to why they are having a garage sale. My parents, several years ago, actually sold their home this way and it was totally unexpected.
Expired Listings
A listing that did not sale, will become an Expired Listing. This really shouldn’t be happening in a market where Supply and Demand is dominating the values. However, going back several months or even a year or two, you may find that sellers are ready to come back on the market. You will need assistance from your Agent with this, since how they would have the available data.
These ideas do work, but you have to work it to make it happen. With the high demand of housing and very low inventory, you need to work the angles in order to gain an edge over your competition.