Episode Highlights:
- Current Market Overview:
- Inventory is higher compared to a year ago, but prices remain steep.
- Why are prices still high despite increasing inventory?
- Key Insight into Pricing:
- Homeowners with 2-3% mortgage rates hesitate to sell, as they would need to secure a new 7% mortgage for a similar-priced home.
- This results in sellers inflating prices to cover the higher interest rates they'd face post-sale.
- Strategies to Find Good Deals:
- Target Homes with Older Mortgages:
- Look for homes with mortgages issued between 2010-2014.
- These mortgages typically have higher interest rates (5-6%) compared to recent refinances.
- Utilize Land Records:
- Check your state’s land records for details on mortgage issuance dates and interest rates.
- Cross-Reference Listings:
- Match these homes with online listings on platforms like Zillow.
- Direct Outreach:
- Send personalized postcards to homeowners with older mortgages, expressing interest in purchasing their property.
- Why This Works:
- Sellers with older mortgages are less impacted by the current 7% rate, making them more open to negotiation.
- They’ve likely built significant equity, reducing the need to pass on costs to buyers.
- Final Tip:
- Be proactive and creative in your search to increase your chances of finding a reasonably priced home.
Engage with Us:
- Let us know your thoughts or share your success stories in the comments!
- Good luck with your home search!
