"I Would List My Home, But I Can't Find A Home To Buy!"

Ever heard this: "I Would List My Home, But I Can't Find A Home To Buy!"

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

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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 414,278 active listings.  We are still at least a million listings shy of being a balanced market.

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Don’t just answer with “Yeah, 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!

Market forces are working against you.  Rates are higher now, and inventory is scarce.  Add some inflation, the specter of a possible recession, and overall uncertainty and you now have a transitioning market.  

You have a choice to make.  You can either wait for the market to bounce back or you can create your own opportunities by being more proactive.  We prescribe to the mantra, ‘hope for the best but plan for the worst!’  Assume you’re not going to wake up to 3.5% interest rates and double the inventory. 

Back to our conversation with that would-be seller client who won’t list with you because they don’t want to become homeless.  Here are 5 solutions that go beyond waiting and watching for magic inventory to arise.  

TOP FIVE SOLUTIONS:

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.  The buyer can lock in a better rate this way.  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.  Builders with in-house financing also have superior mortgage interest rates!

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What's the bottom line? You can't just wait around for listings to appear for your seller prospects who have to buy!  Be proactive with different solutions that could work for them.  You'll have more transactions and they'll value your expertise, netting you both current business as well as future repeat and referrals.  

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