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This is Part 1 (of 2) of “I Would Sell, But There Are NO HOMES For Sale, Where Will I Go?”
With record-low inventory nationwide, Realtors seem to be hearing the same thing day in and day out: “I’d move, but where would I go?” For most agents, that’s the end of the conversation, simultaneously ending the possibility of taking a new listing as well as facilitating that buyer side. After all, nationwide, inventory is at all-time lows (according to Altos Research this week) at just 465,000 active listings. We are still at least a million listings shy of being a balanced market.
Don’t just answer with “Yea, there’s really nothing on the market, I mean everything in the MLS is already pending. I’ll put you into my search widget and we’ll watch for something to pop up together.” While that’s one method of finding something for your would-be sellers to buy, you can’t end the conversation there and expect to do any business this year!
Here are 10 solutions that go beyond waiting and watching for magic inventory to arise.
PART ONE
- Consider building a home instead of chasing after the scarce resale inventory. There are several advantages to this option. First, many builders are buying down interest rates using their in-house financing. Builders are closing loans in the 4.5 to 5.5% range currently! That’s better! Next, the house is new. No rehab for them and no inspection woes for you. Your client can get their home on the market a couple of months prior to completion and not have to move twice. Finally, when your client builds, they aren’t having to compete in a bidding war. 30% of available homes are new construction. If you can’t find it in your MLS, ask your Harris Certified Coach how to know where the new construction is in your town!
- Consider buying first, closing, and then listing the previous home. Don’t assume your buyer/seller prospects won’t or can’t utilize this option. They may have a downpayment saved that isn’t their home equity. They might use a bridge loan to borrow their equity, close on the next home, and then sell the old one. You don’t know if you don’t ask. The advantage is that your client can make a non-contingent offer, secure their next home and deal with their old house later. Make sure you know lenders who offer bridge loans and you understand how to explain this option.
- Consider selling first, renting for a while, and taking the time to look for the right home. The advantage here is the seller has cashed out their equity and is ready to pounce on the right home, but without the pressure of organizing closing and possession dates. Who are your go-to leasing agents? Consider both traditional rentals, short-term vacation rentals that may consider a lease, as well as apartment complexes. Many have some great amenities which could work for a short to longer-term lease while you help your client find the right home to buy.
- Consider getting the seller’s home on the market now, but make the acceptance of an offer, ‘Contingent on Seller finding suitable housing’. The buyer will probably want a specific time frame, but you can usually get 90 to 120 days to secure the next home. Many buyers in today’s market are just anxious to find the right home and will be flexible with the seller’s situation. It’s still a seller’s market. The advantage to your client is they won’t have to move twice and you’ve negotiated for them enough time to look for the next place.
- Consider keeping the old house, turning it into a rental for now, and proceed to find and purchase the next home. You can handle the lease yourself or refer it to your favorite leasing agent. The home stays an asset for your client and they can keep their low-interest rate mortgage. Don’t assume that this isn’t an option. You have to ask! Remember that Americans currently have record-high credit scores. They may be more comfortable taking this option than you think. In some markets, keeping the home and turning it into a short-term rental can be very profitable. It might be the best option for your client.
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