24 Percent Of Homes Recently Taken Off Market: How To Buy Them
According to data from Redfin and the NY Post, 24% of home listings have been taken off the market by owners in just the last 12 weeks. How can you find and buy them?
On reporting these latest real estate stats, Redfin says that homeowners are becoming increasingly frustrated and disappointed at having missed the peak of the market. They either aren’t attracting the high offers they expected, or aren’t getting any buyer activity at all.
Overpriced listings aren’t taken seriously by buyers. Then after the first few days of showing up online get buried in the mix, and become stale listings that don’t get noticed.
Of course, these homes aren’t going to sell themselves if owners just give up and sit on them. A poor move which in this phase of the market means that they’ll get less and less for their properties the longer they wait. A vicious downward spiral. In which eventually they will have to sell for a lot less or will lose those properties in foreclosure.
Why Buy Them
There are no bad properties. It’s all about the price and terms.
There is plenty of money to be made by real estate wholesalers on this slope.
In fact, these can be the ideal types of properties for wholesalers. Owners are more motivated, and ready to deal. Once delisted, there are no real estate commissions, which can help net the seller more, even with a lower offer.
How To Find & Buy Them
If you are diligent as an investor you should already be tracking all of the properties in your market, and specific target properties you really want. You should know what comes on the market, when it does, when properties sell, and more.
You can also run regular searches for withdrawn and expired listings.
Before they get pulled off market, and it becomes harder to reach a decision maker, you may target aged listings and listings with price cuts.
There are other properties and sellers you can target too.
Such as by the amount of equity in the property. By who has the most room to deal, or needs the least cash to do a deal.
Or you may find data (if you are legally able to use it) on recent mortgage inquiries, suggesting owners have tried but failed to refinance, those who are late on payments or property taxes, or who have adjustable rate mortgages or large amounts of credit card debt. All people who are suffering from fast rising payments on debt.
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