The American housing market experienced a surge in demand during the pandemic. Mortgage rates were at their lowest, creating tremendous competition for buyers. As more people began working remotely and children attended school virtually, the search for more space became a trend. Older millennials with children who lived in major cities were looking for real estate in more affordable parts of the country.
According to the National Association of Realtors (NAR), home sellers reported the primary purpose of putting their homes on the market was due to space. Once a house went on the market, buyers lined up––in some cases, exceeding the original sale price. The shortage of homes accelerated the sense of urgency to purchase.
Builders encountered delays with lumber and material due to insufficient supply, thus driving up costs of building materials. This caused a major slowdown in homebuilding. When the demand for homes significantly outstrips the supply, realtors and agents need to identify creative ways to source homes.
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How Do Realtors and Agents Bring Supply to the Market
Given the unprecedented demand, realtors have been sourcing information on potential leads through public record companies like Peoplefinders.com. There’s a line of items investors and realtors are looking for, including pocket listings and homes on the market. But maybe the seller is not currently working with a real estate agent. When homes are selling off-market, there is a disadvantage. If home sellers partnered with real estate agents, they would have greater access to a larger pool of potential buyers and open the window for higher bids.
When realtors and investors scour the market, they’re not limiting their search to off-market sales. Other potential sellers are homeowners approaching the age of retirement. If the homeowner lived in multigenerational homes and their children left for college or began their careers, they no longer needed all the space. A large number of baby boomers were forced into early retirement during the pandemic and are looking for ways to maintain their savings by downsizing.
With public record companies, realtors and investors increased housing supply by looking for homeowners that met the criteria. Another stream of potential sellers were homeowners with vacant houses. With mortgage rates at the lowest level and the epic demand within the housing market, investors could potentially convince homeowners with empty houses to sell while the market was hot.
A Source of Helpful Information
One great benefit that public records can provide investors is essential information, like what year the home was built and how the home value has changed over the years. An investor may see an opportunity in a vacant home that needs repairs and even major renovations. If they have the resources and funds, they can make an offer, modernize, and renovate the house, increasing the resale value.
These are just a few resourceful ways to build supply when the demand is high. Many realtors have access to duplicate real estate listings which creates a lot of competition. Public record reports can give investors an edge in formulating customized, not-yet-listed potential qualified and unqualified leads to nurture. The idea is to consider the big picture.
The housing market will eventually cool. Mortgage rates might rise, and supply will organically increase. The strongest performing investors and realtors stay two steps ahead no matter what turns the market takes. Growing and diversifying property investments can create immediate sales or help secure sales in the not-too-distant future.
Why Realtors and Investors See the Value in Property Record Reports
Investors might favor building leads with the help of public record companies to find properties to sell. However, there is also a demand for rental properties in coveted neighborhoods with great amenities. After years of renting, investors know that renters will eventually reach a home buying age. And they have the advantage of already building a relationship with their renters. Renters can convert into qualified leads once the timing is right, and this is how savvy realtors nurture leads.
Property record companies provide a plethora of helpful information to help put the pieces of the puzzle together. If an investor wants to examine the homeowner’s assets privately, they can source that information through public reports. Information such as social media accounts, business records, bankruptcies, liens, evictions and foreclosures are all at an investor’s fingertips. Access to this information is a great tool to figure out how to partner with the homeowner to create a win-win profit for all.
Contact PeopleFinders.com and receive access to public records that are essential in building supply and sourcing future investments and rental properties.
