Finding exhausted sellers by searching the MLS

Zillow and Trulia don’t have this.

This is not a fancy idea, but many times, houses sit on the market and wind up unsold simply because Realtors run buyer searches based on the newest, fresh listings.  Realtors have access to the MLS database which has multiple filters to scrub housing data, including the market time.  The next time you have your Realtor run a list, ask for them to run it for longest listing market time for your price range, in your specified area.  Often, sellers who have been “waiting out the market” for a better offer realize they are tired of showings, tired of the process and just would like a decent offer to unload a house they are ready to vacate.  Some sellers even have two mortgages that interfere with other plans, so they may be more willing to negotiate.  Other sellers have seen potential buyers walk away because their kitchen and baths aren’t updated or for other cosmetic reasons.  They already know that they won’t be updating a house they’re leaving, so they may consider a buyer’s credit for cosmetic updates.

After running a longest listing time report, have your Realtor also run a comparable market analysis for that area.  See if there is a pattern or at least an approximate discount that shows up in the recently solds.  For example, if there is enough data, you may be able to see that houses have sold in the last six months at 4.5% under list price.  This is no guarantee that the sellers will take your offer, but it could give a buyer another piece to the puzzle.

In the end, sellers who are ready to sell will be willing to negotiate a reasonable offer.  those who are “testing the waters” will not budge on a list price and will not mind sitting on the property indefinitely.

For another tweak to your search, ask to have it run using key words “estate sale”.  Many sellers are  out of state, stuck holding a property with long distance maintenance, taxes, or other tie ups and are very willing to sell and move on with their other plans. As a buyer, why not ease their burden, make a strong offer, and use your Realtor’s expertise the way it is supposed to be used?  This way, everyone has a win-win-win.  A buyer gets a home, a seller gets out of an unwanted home, the Realtor gets to do their job and make a difference in the process, using the MLS database as it was meant to be used: a powerful database tool.

Jennifer@ElginFoxValley.com
Charles Rutenberg Realty

 

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