How to Go From 13,000 Homes for Sale to . . . 20 (or Zero!)
Water, water, everywhere,
Nor any drop to drink.
–Samuel Taylor Coleridge, “Rime of the Ancient Mariner”
Yes, inventory is notoriously tight this Spring.
But there ARE 13,000 homes for sale in the Twin Cities at the moment, spanning literally dozens of neighborhoods.
So how come so many agents (and their clients) seem to be coming up empty-handed right now?
Easy.
Call it “layered” or “stacked” search criteria.
Multiple Screens, or, “From 13,000 Homes . . . to Zero”
To start with, most Buyers look in a defined price band of $50k – $75k or so (more at higher price points).
So, only homes from $150k – $200k, or $300k – $375k are on a specific Buyer’s radar.
That whittles the market down by 85% or more.
Then, most Buyers have a geographic or even specific neighborhood preference, effectively eliminating another 90% of the remaining market.
Finally, factor in individual Buyers’ preferences — e.g., “3 Bedrooms on one level,” “rambler but not a 2-story (or vice versa),” etc. — and suddenly . . . there aren’t so many homes to look at.
Bottom line?
When an agent says they’ve shown their client “everything” on the market, they usually mean they’ve shown them the 15-20 homes that best meet their criteria.
P.S.: One more variable, depending on the specific area: a high proportion of short sales or foreclosures, which don’t appeal to many Buyers.
