An interesting trend is popping up among home seekers who are frustrated by the lack of inventory in our market and across the country. Buyers are increasingly enlisting their real estate agents to contact homeowners whose homes are not listed for sale--essentially trying to entice homeowners into becoming home sellers.
The drastic drop in homes available for sale has caused a significant change in buyer behavior. As bidding wars and pre-inspections dominate the 50 percent diminished real estate inventory, buyers are looking for more creative ways to find their dream home and lock in financing while interest rates are still near 4 percent.
Labeled "house stalkers" by some in the industry, buyers are canvassing neighborhoods for homes that fit their tastes, regardless of whether or not there is a sign out front. The buyers then send a list of addresses to their agent, who proceeds to contact the homeowners with an offer of a willing and motivated buyer for their property.
While the tactic isn't always successful, having a professional involved in the sales pitch is significantly increasing homeowners' willingness to hear the idea out. One of home sellers' greatest concerns is a transaction that goes sideways and leaves them in between homes or already moved out of a home before a sale falls through. The negotiation of a one-buyer listing and sale contract can relieve much of that tension, and bring a transaction to a close smoothly without ever touching the public MLS.
Considering the lack of availability in certain Seattle markets, it wouldn't be surprising at all to see more of these tactics occurring. In Magnolia, for example, a look at the rolls of recently-sold properties shows that nearly three out of four homes sold after just a week on the market. Of the just 40 or so homes available for sale, roughly half of them have been on the market for less than one month.
So, homeowners, if you hear of house stalkers in your neighborhood, never fear. They're only out to give you money. Rather than locking your doors, you might want to call a good Realtor for a CMA before they knock.
© SeattleHome.com: - Sam DeBord, Managing Broker, Realtor
Board of Directors, Washington Association of Realtors
Coldwell Banker Seattle: Coldwell Banker Danforth & Associates
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