Wanted: ‘Something Not on the Market’
One of the puzzles of a supposed Buyer’s market, with 27,000-plus single family homes for sale area-wide, is having serious Buyers who can’t find what they’re looking for (see my earlier post, “Buyer’s Market Conundrum“).
Which is why you increasingly hear Realtors who are networking for their clients say, “I’m looking for something not already on the market.”
What they’re really saying is: 1) my clients have already seen everything currently for sale that meets their criteria; and 2) they don’t like it.
How is that possible?
If you’re looking for a specific kind of home in a specific location, suddenly, 27,000 homes collapses to perhaps 10-15. Assuming that one-third of these are overpriced, and another one-third have updating and/or floor plan issues (which ultimately amounts to being overpriced), the number of suitable homes dwindles to a handful.
Of the remaining, “legitimate” contenders, you’d further expect several to sell quickly, because they are relatively scarce. (In fact, many would-be Buyers can tell you that that’s happening.)
Voila! Your clients have already “seen everything that’s for sale.”