In today’s challenging real estate landscape, finding hidden listings in a market with a limited housing supply is a skill that every savvy buyer and real estate agent should master. The housing shortage has been a persistent issue, dating back to the economic downturn of 2007 to 2008. In the last year, we saw a brief glimmer of hope as interest rates spiked, leading to an increase in housing supply. However, as buyers regained confidence, supply once again tightened, leaving us with a mere 4000 units in our market.
Gone are the days of strolling through the marketplace and having an abundance of properties to choose from. Today, we’re lucky to find just one, two, or a few choices. But fear not; there are hidden gems waiting to be discovered. Here are some valuable tips to help you unearth those elusive listings in a market starved for options.
1. Explore Zillow’s “Make Me Move” section. Zillow is a popular platform for home buyers, but don’t overlook its “Make Me Move” section. This is where homeowners who aren’t quite ready to list their property publicly put their feelers out. It’s essentially a glorified for-sale-by-owner section of the Zillow website. Often, you can find properties here that aren’t listed on the MLS or openly marketed. These properties might be perfect for your buyers, and you can potentially negotiate a deal that works for both the seller and your client.
2. Check Facebook groups. Social media can be a treasure trove for hidden listings. Websites like “forsalebyowner.com” or Facebook groups dedicated to real estate (like FCB.com) are where sellers are actively promoting their properties independently. These platforms have become increasingly popular, especially among sellers looking to save on expenses. In a market where sellers believe homes are flying off the shelves, it’s worth returning to these channels to uncover potential listings for your buyers.
“It’s crucial to be creative and resourceful in your search for hidden listings.”
3. Expired and withdrawn listings. During the rollercoaster ride of 2022 and early 2023, many sellers got frustrated and withdrew their listings. Some of them might now be considering re-entering the market. To increase options for your buyers, consider calling properties that match your client’s criteria. You can obtain a list of expired and withdrawn listings from a title company, and with a bit of outreach – whether through phone calls, postcards, or door-knocking – you might find a motivated seller who’s ready to make a deal.
4. Connect with flippers. Flippers are a unique resource for hidden listings. They purchase properties with the intent to renovate and resell them. If you’re targeting a specific area, find out where flippers have recently acquired properties. These homes might currently be undergoing renovations and will soon hit the market. By keeping an eye on these properties, you can provide your buyers with exclusive opportunities.
In a market characterized by scarcity, it’s crucial to be creative and resourceful in your search for hidden listings. Whether you’re browsing unconventional platforms, reaching out to hesitant sellers, or connecting with flippers, these strategies can help you expand your options and find the perfect home for your buyers. As the saying goes, “Where there’s a will, there’s a way,” and in the world of real estate, that way can lead to the hidden gems that your buyers are seeking. If you need help with your real estate goals, call or email us. We’re always happy to help.
