When There Are Few Houses for Sale Part 1
Although the interest rates have started to come down, there are still few houses for sale in the current real estate market. If you are having trouble finding a house you are happy with, consider the following:
Of course, we will look at the available listings on the MLS first.
If the market does not have a house you find appealing, we can look through recently expired listings. Those owners have shown an interest in selling and some are more flexible if they are paying only one side of the commission.
You may want to review properties advertised for rent either privately or through management firms. Some of those owners might consider a sale, rather than going through another tenant placement.
We can locate and work with sellers who are selling independently (“For Sale by Owner”).
There are owners who would prefer to sell but are waiting for different market conditions. In a small community, talk to people of your interest in buying and try the following steps:
Step One: Visit the neighborhoods that most interest you and seem to have prices in your ballpark. I can help you to reach the owners and to estimate the value of their properties.
Step Two: You can write to the owners of the houses you find most appealing to see if they would consider selling. This outreach is called a Letter of Interest. Let me know if you’d like to learn more about this process. The personal connection
you make with the owner may also open doors to favorable interest rates or other terms as you will be able to speak directly with the owner to understand their needs and explain your situation as well.
I am happy to help with any or all of the 5 methods above. It’s best to review all possible sources to determine the best opportunity and then negotiate price and terms, knowing you can refinance later.
For more ideas, please read the next blog: “When There are Few Houses for Sale 2”.