Real Estate: Think Out of the Box

Real estate is bouncing back again after suffering for a few years.  Home buyers are interested in buying again, but they are faced with a big inventory deficit. Meaning there are limited homes for sale.  Some buyers make 3-4 offers on homes but other buyers keep snatching it from them.

In this challenging market, home buyers must get creative in looking for their home.  Looking for a house may not only mean searching in the for sale section.  Here are other ways of looking for your new home:

1. Check out 'expired' and 'withdrawn' listings

A lot of homes home owners failed to sell because buyers thought that it was overpriced.  Other homes in the same location with the same features may have been priced better than that home.  Chances are, the owners are still looking for a buyer for their home.  

2. Check rental listings 

There are a lot of reasons why a house was put up for rental by the owner.  He/she might have a job transfer, divorce or other things. He/she might have thought of selling, but judging from the past housing situation it was not a good idea for the owner because he/she would lose his investment.  Now that housing prices have improved, he might think of selling that house again.

3. Check out for Off-market or pocket listings

Some home owners want to sell their home but they do not want to list or can't list it.  These people want to sell their homes but do not want to do the leg work.  This is true for luxury market, some home owners do not want to publicly list their home in the market. 

In practice, realtors network with each other for potential deals.  Also, brokerage firms release upcoming listings to their agents a few weeks before they hit the MLS.  Well connected agents will be able to show buyers homes that are not even in the market yet.  Buyers will have less competition.

Most buyers prefer to look for their homes the traditional way. There are other ways that will guarantee successful house hunting if they just think out of the box. It is very important to work with a realtor who has a wide connection. The realtor who have access to expired, withdrawn and off market listings.  The listing might not be for sale, but it can still be a good deal, especially in this current market.

If you are looking to buy your dream home, I will be able to help!  I have a vast network and resources to help you find your perfect home. In James Team Real Estate, we are dedicated on exceeding your expectations.