Quick Tip: Hidden Market Opportunity
One of the things that we're seeing across the country, at every level is that buyers are climbing the pricing ladder and purchasing more expensive homes.
Why?
A couple of reasons. First lower price categories have sold out in a lot of markets so they're forced to go up to the next price bracket. But another reason is interest rates. As interest rates decline it allows buyer to move up into price brackets they haven't been able to before without having as big as an impact on their house payment as in years past.
Interestingly what's happening now is that we are starting to see this really impact the luxury. This is an incredible opportunity! Now is a great time to dive into expired luxury listings that have been off the market for an extended period of time and start making contact. We call these legacy expired listings.
To get started do some deep research in your MLS. Go back two, three, or even four years on expired luxury listings. Can't find a phone number? Try using the www.theredx.com or www.propertyradar.com to find contact information.
The script can be as simple as:
Good Morning my name is (your name) I am with (company name). Is this (homeowner name)? Great! I am doing some research into your neighborhood today and I noticed back in (month/year) you had your home listed. The reason for my call is that the market has changed really dramatically. Can I share a couple of local stats with you that may be surprising? (Share stats)
May I ask are you still considering selling your home at some point over the next couple of years?
Totally understand, listen, in our low inventory market I like to be aware of every possible property that could potentially be available at the right price. If you would entertain an offer from a qualified buyer would there be a chance I could stop by and preview your home?
Imagine having 5 or 10 of these conversations every single day, and what could happen to your business if you started taking two or three or four expired luxury listings a month!
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