Finding Sellers in This Low Inventory Market
“Where will I go?” is the question we keep hearing over and over from our sellers who are curious about taking advantage of rising home prices in today’s market. They could easily get a great price for their properties, but the issue is finding another home for them to buy as a replacement. Inventory is extremely low across the nation, making that a challenge for sellers; if they sell their current home before they can find a new one, then they fear they’ll end up homeless. As an agent, I’m sure you understand their predicament all too well.
It’s a hassle to deal with making a move and figuring out all the details. So how do you offset that stress and overcome those objections? That’s where the Wolek Group Seller Rescue Plan comes in.
We’ve created a list of three options for sellers:
1. Buy first, sell later. Finding a home is more of a challenge than selling a home in today’s market. We get our buyers set up on a home search to see what’s out there and discuss financing options. With a loan modification, if they can qualify for both properties and have a minimum down payment, they can purchase now without a contingency and sell after their purchase is secure. If there are no homes available that fit their criteria, we have a plan in place to help promote their wants and needs to uncover off-market properties.
2. Sell now, stay put for now. With today’s listing demand, many buyers are willing to allow sellers to rent back the property after closing or set an extended closing date, which would allow them time to find their next home. This allows them to be non-contingent buyers and will get them more money in the bank from the equity of their home sale to put down. That way, they’ll be a much stronger buyer in this market.
3. Sell now, move now. Now might be the time to relocate or bunk with their friends or family in order to capitalize on the increase in equity, or they could possibly move into a short-term rental. We’re continually compiling a list of options to help with this arrangement.
If you’d like to share how you’re rescuing your clients or have any questions about today’s topic, don’t hesitate to reach out to me. I’d love to chat with you.
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