"I Would Sell, But There Are NO HOMES For Sale, Where Will I Go?"

July 18, 2023

Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206 IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com/ 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 1. 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. 2. 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. 3. 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. 4. 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. 5. 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. IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com/

"I Would Sell, But There Are NO HOMES For Sale, Where Will I Go?"

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