Digging for Deals
Agents and buyers are going the extra mile in a lean market
As noted in the Market Report, there are fewer listings on the market right now – and at least half of what’s currently out there are “stale” listings. So what to do if you’re a motivated buyer in a low-inventory market? Ask your agent to go digging for deals, of course! Which is to say, search through expired listings – those that failed to sell – from the last year or two. If any seem like a possible match, the buyer’s agent then contacts the seller’s agent to see if they’d still be interested in selling.
Keep in mind that the listing probably failed to sell because it was overpriced, so the conversation with the seller needs to be a careful one. Some of these sellers will be fed up and now realize they were overpriced, and will entertain a reasonable offer. Others may still be dug in, so be prepared to make an offer and walk away.
When making the offer, your agent should provide comprehensive market research (based on “comps”). This cushions the blow if the seller is unhappy, and gives the listing agent hard data to justify the offer, saving them from having to convince their client that their original pricing was unrealistic. (They’ve probably already had that conversation!)
I have now completed two transactions this year alone by rooting through expired listings. It can be a lot of work, but it pays off in the end!
