How to Gauge and Take Advantage of Seller Desperation
While the real estate marketplace has rebounded with a vengeance in some locales, there are always going to be pockets where sales are stagnant. When a home doesn't sell within a seller's expected time frame, buyers would be wise to pay attention. Read on and find out how to spot those homes that are past due for a sale and how to take advantage of that seller's desperation.
1. Seize the Season
All consumer goods have a season and so do homes. In most cases, spring and summer are prime selling and buying seasons for real estate. The reasons are unclear but may have something to do with the weather and children being out of school. What that means for buyers is that fall and winter, are perfect times to buy a home. Since fewer people are looking to buy in the cooler months, you might snag a deal. Unfortunately, though, there's a downside to shopping in the fall and winter months. Since sellers are not as likely to put their homes on the market then, there may be less overall inventory to choose from.
2. Make Furnishings Optional
It's well-known in the real estate biz that furnished homes sell faster than unfurnished ones. That may be because some buyers need more visual cues when shopping. One thing should be clear to buyers, though, and that is that an empty home can indicate a desperate seller. The seller probably had no choice but to leave the home empty if they've already moved into a new place.
3. Take Advantage of Deals Gone Bad
Another strong indicator of a desperate seller is the home that seems to be on and off the market. Homes listed, then removed from the listings, then put back on the listings can indicate a home in which the deal fell through. Maybe the buyer could not get financing or maybe they just changed their minds. You can check this info out on the multiple listing service (MLS). Alternately, ask your real estate agent for help with this step.
4. Get Some Gossip
Well, it's not exactly gossip but more like insider information about a home on the market. This is where a seasoned, local real estate agent comes in handy. They can usually find out why the home is being sold and that can tell buyers a lot about the seller's motivations. For example, you might find out that the seller has lost their job and need to sell fast. Use that information to your advantage when forming your offer for the home.
Speak to your real estate agent to find out more about single-family homes for sale.