Professionals in the field have thoughts and suggestions on how to deal with the widespread low inventory this season. Here are some ideas that came up in response to a Facebook thread from Inman Coast to Coast and Inman’s recent series, Inventory Insanity.
Due to widespread low inventory levels, home buyers and their agents are hectic during the spring market. Offers without multiple offers are becoming a rarity, and as a result, buyers and their agents strive to submit offers in a timely manner so that they can continue to be competitive.
Jim Dalrymple II, Inman Staff Writer, recently fixed the inventory shortage on his “Inventory Insanity” series, while Inman founder Brad Inman visited the Inman Coast to Coast Facebook page to ask the community for tips and wisdom on how to deal with this time of insane lows to ask inventory.
Here’s what professionals in the field had to offer in response to both Dalrymple’s stories and Inman’s request on Facebook.
“Take 5 breaths before you say or do something. It feels like everyone’s stretched past the breaking point. The social networks are full of frustration and anger towards others than yourself. ” – Kendyl Young, Broker / Owner at DIGGS
“Frustration is a matter of expectation.” – Dan Smith, Principal at Anvil Real Estate
“Hope! Three of my family members / friends / clients went into escrow in the last two weeks after months of bidding. Each took a house that wasn’t the first thought of where they ended up, but changed location and everyone is just happy to have moved this month. ” – Julie Chancerelle Ziemelis, co-founder / owner of Movetohawaii365
“Focus on homes that have been in operation for 2 weeks or more. That’s life in this market. Maybe you need some love like carpet and paint, but who cares? You have the chance to get a home. Also, stop waiting to harp on New Actives like everyone else. Check out Back to Actives first. Something has failed and the sellers are desperate to contract it right away. ” – Traci Madison, Broker / Owner at Madison Real Estate, Inc.
“Be tireless in your efforts to find new offers. Go outside the box and use data, sphere and relationships to find opportunities.” – Jeff Lobb, Founder and CEO of SparkTank Media
“In a recent transaction, we had to offer the seller a 60-day deal and a 60-day return lease because the seller was so concerned about finding their next property.” – Sina Mollaan, Senior Vice President of the Mollaan Group at Compass
“What a chance we have in this market to show real professionalism. Always acknowledge the hard work that goes into every listing. Be noble, friends! It’s a great opportunity to show your worth! ” – Amber Salmon, RE / MAX Concepts Broker
“Stop being emotional. I submitted 9 offers to a seller last Friday. She didn’t care about the squishy letters. Money makes the world go round. It is not always the highest bid that wins. Faster is not always better – find out what matters to the seller. Keep the listing as clean as possible. Don’t ask for furniture. ” – Laurie Weston Davis, co-owner of Better Homes and Gardens Real Estate Lifestyle Property Partners LLC
“There would be more inventory if people didn’t persuade homeowners to sell the market. “We market your house privately” is a contradiction. These salespeople handle a lot of money … Dark listings, pocket listings, are an emerging underground economy. I think that also raises questions about fair living. ” – Linda O’Koniewski, CEO at Leading Edge Real Estate
“Be a homeowner attorney. Get involved with your local government and your local REALTOR® association. The Nation Needs 1 Million New Homes – Who better to promote and manage the home supply than you? ” – Edward Barrios, Agent at Vista Sotheby’s International Realty
“I lose listing after listing with other sellers who allow or encourage their customers to shoot at the moon, and I just don’t feel comfortable encouraging that behavior. In normal times, my explanation of the compositions had a certain rhythm and predictability. Now the comps are CRAZY with ridiculous prices that desperate and wealthy people are willing to pay cash for. I have an ethical problem with that! I’m not sure I’m stupid – because those agents who indulge their salespeople often get prices that are completely different from the comps! I imagine they’ll laugh all the way to the bank, but how happy will that buyer be with them in a few years when they go to sell? ” – Allison Callas, Broker at Downing-Frye Realty
“As a broker, I think it’s BAD to let a seller accept all of these offers! … I am also a listing agent and have met so many of them who refuse to be realistic about their property and [its] Value. I’m wrong on the side of being honest and saying, “Sir / Ms. your home should sell for that amount based on current market values and the condition of your property. ‘I also tell my buyers not to outbid too much because when the market changes and values fall, you have paid too much for a property that will be harder to sell in the long run because you start out a lot have owed! ” – Kaye Thompson, Principal Agent at Best Real Estate Company
Read the full Inventory Insanity series here:
Email Lillian Dickerson