Anyway, after about 2 weeks from getting the Notice of Trustee’s sale letter, my house’s Auction was listed in several local newspapers. And then that horrible, horrible sign went up in my front yard!
Get expired listings. If you think about it, they were motivated enough to list their house, but then it didn’t sell. Chances are, they still want to sell it, and may be upset with their agent for not selling it. The number one complaint I have heard from people about their agent is lack of communication. Even if the agent was doing a good job, the seller never knew, and assumed the worse. Start a postcard marketing campaign that talks about your high level of communication. Be sure to hand deliver your first marketing packet THE DAY THE LISTING EXPIRED. Now that is fast communication!
As we dig into the statistics in individual neighborhoods we do see inventory but most homes are priced well above what the most recent sales in that neighborhood closed at. Still the percent of homes with price reductions is at multi-year lows which is a bullish sign on it’s own. Homes are selling quicker with days on market numbers continuing to decline with new listings coming on the market at higher prices. Demand is high and supply is low and new home communities are thriving. Sales volume of existing homes is being held back by the lack of choice available to today’s buyers who have been spoiled over the past 7 years.
One other option I thought about carefully was to file for bankruptcy. I spoke with a bankruptcy lawyer and the list of conditions to file bankruptcy and still keep my house was so scary that i knew I’d rather lose the house. I’d basically be forced to inventory everything I own, give up everything they wanted, and still make payments to my mortgage company, and to the courts and the lawyers too! Trading one big bill for 3 arguably smaller bills was not the solution I had in mind.
My lender obviously desired my home for themselves. I guess it is more valuable to them to resell it to someone else than to allow me to keep making (sometimes too small) payments on it.
I have found that in many cases, the owner didn’t even know that their listing had expired yet. So we are actually contacting them BEFORE their own agent does. Point one for our team!
Nationally the number of homes for sale is at the lowest level we have seen since 1999 and if this trend remains in force prices will continue to climb. This is fantastic news for homeowners but bad news for buyers and those of us who make our living selling real estate. The investor market continues to thrive as cash on cash returns remain stronger than other vehicles available to those with cash needing to provide them a return. Even after significant price increases in many communities quality investments producing solid 7% to 8% returns are out there and that does not include tax benefits of depreciation or future appreciation. If inflation rears it’s ugly head at some real estate point will be a beneficiary and investors holding real estate will be handsomely rewarded.
I’m asking you to take a trip back in time with me for a moment. I’m asking you to have the to try and recall how you felt when you first saw your home. Can you do that? Can you remember what attracted you to the home in the first place? It might have been the appearance of the house and land, as well as the location, but there very probably may be more to it. What’s important is that it all comes down to a feeling. Most buyers are affected by the way they feel about house, even if they cannot explain it or understand it.