We all know that this is the hottest real estate market ever. Period. No other time in the history of the universe has it been this hot.
We also know that mortgage rates are going up, and both homeowners and investors want to buy a home before the rates go any higher.
The economic law of supply and demand states that when demand is high, prices will rise. Well, demand isn’t going anywhere anytime soon, and supply isn’t changing either.
So, the question buzzing in our minds: what should homebuyers do?
Start thinking about purchasing the “leftover properties”
For context, I’m an agent in Colorado with multiple active clients. In our market, much like the rest of the United States, homes are listed on Wednesday or Thursday, showings occur throughout the weekend, and offers are due on Sunday evening for a response on Monday.
By Tuesday afternoon, the MLS is a ghost town, with tumbleweeds blowing across the screen, waiting for Thursday to start the circus again.
But not always. On some days, there are still properties leftover.
Granted, most of these properties are still on the market for a reason. Many are situated on undesirable busy streets or even an active train track!
If location isn’t the problem, there usually is an easily identifiable issue with the house.
For example, a beautiful house is listed in my market for a laughably low price. So low that you would assume the listing agent’s finger must have slipped when entering the price.
But, as it turns out, they didn’t. When you enter the home, there are cracks everywhere. Even worse, there are horizontal cracks, and that’s a terrible sign.
I’m not talking about these types of leftover listings.
Let’s look at another property.
About 15 minutes north of my town, there’s a listing that has been on the market for 44 days. It’s beautiful on the outside, and it used to be…