What’s currently happening in and around our market?
For one, a Rockville property was recently inundated with a 28-offer scenario; consequently, 27 buyers walked away frustrated and left with no option but to look elsewhere. Because of that, today we’ll explore some alternate buyer strategies for finding homes with less competition.
The three traditional methods homebuyers put into action are:
- Discovering homes via the MLS
- Attending open houses
- Using Zillow or other online tools
While these are the most prevalently used strategies, there are other avenues if you’re looking for homes that haven’t hit the market and that, as such, fewer buyers are vying for. For every home that sells in Montgomery County, we can expect six more to come onto the market over the next 90 days or thereabouts.
Why does this matter?
Well, this is the time where the owners of those six homes are conversing with their families about all the particulars of selling their home. Although they may have yet to decide on things like how they should stage their property or whether they’re staying in the local marketplace or not, the process is beginning to take shape.
A strategy that facilitates communication with this pool of homeowners can create a better situation for both you, the buyer, and them, the soon-to-be seller. This way, the homeowner won’t have to expose their home to the market, where they’ll have a bidding war thrust upon them.
The recipe for success with this type of strategy is to spot the would-be sellers who may be “quietly” raising their hand, so to speak, or who are showing signs that they’re selling soon. Here’s how a strategy for reaching these seller types will work:
- Look at predictive analytics
- Target potential sellers who have already talked to someone
- Target those that have identified themselves through digital means
Here’s how to approach the sellers who aren’t flying under the radar and are already active:
- Pinpoint a specific seller and property type on social media
- Write a personal, handwritten letter to the potential seller
- Doorknock in a particular area
If you have any questions about these strategies or the tactics it’s comprised of, feel free to shoot me an email at Jeff@JeffWheatley.com or give me a call at 240-731-7578. I’d love to hear from you!