Sell a Home to Buy a Home
Sell a Home to Buy a Home'
Full Video Transcript Below
Sell a Home to Buy a Home
[00:00:00] Well, hey, real estate fans, Alice Lema here from John L. Scott in Southern Oregon with another edition of the weekly podcast. And today we're going to talk about how to buy and sell in a low inventory market, and we're speaking specifically to people who have a house to sell so that they can move into another house. So buying and selling in the same low inventory market.
So why is this coming up? Let's do a little mini historical. Look here, we just got the, all the data published from 2023 for. S. O. M. L. S. Our local Southern Oregon MLS. And I want to put this graph up and there's a whole bunch of charts. We're only going to look at the data for this podcast.
We're going to be talking about listing inventory, and you can see that top line that we're at, fairly consistent level all year. There's a little bit of up and then it kind of [00:01:00] levels off. And this is what we were experiencing, that we still didn't have enough inventory, but it was higher than it had been in the last couple of years.
So, with that in mind, there is a trend now and we've been watching it all year for all three counties to have a little bit more inventory. And so that starts to spark people's imaginations. They get excited when they see the house of their dreams come up, but they may not be ready because they didn't do what they needed to do to their house that they have now.
So here's four things that we can do to help facilitate buying and selling in the same low inventory market. And we're doing this podcast specifically because the inventory is getting better, still not good enough, but it is getting better. So we're watching more people wanting to do this.
So the first thing [00:02:00] you should do is get your house show ready, even though you're not going to keep it perfect every single day because you're not going to be on the market. This is idea, number one is you get your photographs, your videos and all your inspections and kind of get the house ready and then just hang on to it. So you're not going to go on the market.
This is idea. Number one, you're not going to go on the market, but you have everything ready to go on the market. You've done all your analysis, you know, what price you're going out. You're getting a monthly updates, maybe twice a month, if the market's volatile, where you are, but you're ready to go. And that way, when you do find the home of your dreams, you can put in the offer that you're going to be Live on the MLS in one day, or you actually sneak your listing on the MLS and then submit your offer.
It depends on the timing for the neighborhood you're buying and selling in, but that's idea. Number [00:03:00] one is you just get the house ready, you get the property ready, you get all your pictures taken, all your inspections done, and then you wait until you find the house what you want. And you can be on the market the day you put your offer in or the day after something like that. But none of this, I want a week or two to get my house ready and my photos and all that, that doesn't fly. Usually doesn't fly in in most markets.
Number two, we call this a soft opening. Now this is where you have all of step number one done. You got all of your inspections and photos and videos done. But you don't go on the MLS. You may just let the neighbors know, you might let the database of the agent know, and if you're going to do this, every MLS has different rules. A lot of other places in the United States are way more lenient with the coming soon idea or the off [00:04:00] market kind of solicitations.
But the idea is that whatever the rules are in your MLS, follow them but still find out how you can get the word out, even if it's just privately, or sometimes the agent can do it privately. So this idea of having just kind of a very quiet yeah, communication with people as long as it's following the rules.
Number three, and this is pretty common. You see this in the MLS frequently. You do all your videos and pictures and inspections and you actually go on the market that you say right in the ad in the public part, you say, I don't have a house yet. And the words we use are contingent upon locating a suitable replacement dwelling or something to that effect.
And that means you're just putting it out there. I want to move. I don't have a house yet. I need a buyer that's going to tolerate my looking and that can be limited [00:05:00] by a certain number of months. Or it could be just you know, if you're going to do open ended, then that's, that's a little you might, the buyers might be gun shy of you, but at least you're out there and you're trying.
Okay. So that's number three, as you go on the MLS with a disclaimer that your sale. You're not moving out of your house until you find another one. And you're going to have to negotiate with different kinds of buyers how that looks to all of you. So as long as all the parties agree, you're golden. And that's go on MLS, go on the MLS with the contingent to locate a suitable property. That's number three.
Now, number four is what a lot of people try to avoid, but it's actually your most powerful stance in the market. If you can stand moving twice, and this is idea number four, if you just plan on moving twice, you have some kind of a temporary housing or you go live in your RV [00:06:00] or you stay with friends or family, but you plan on moving twice.
This is actually my personal favorite, because you get the best business deal, selling the house. You get the best business deal buying the house because you don't have all that pressure of timing. So if you take timing out of the picture then you end up with a very calm, well, as calm as moving can be, you end up with a very a much more calm and controlled circumstance because you're doing it twice.
So those are my four ideas. And even though we still don't have enough inventory for all the buyers that want to move, we're doing way better now than we were even 18 months ago. So we're going to start seeing a lot more people dip their toe in the water that weren't planning on moving because they saw something online that got them excited.
And it would be worth it for them to go through all of the [00:07:00] hullabaloo to go ahead and move if they could get that particular house. So watch for more of that. Let me know if you've got any questions about doing this, which one might be best for you buying and selling. You know, you can do it together. We can separate them. We could try some of these other ideas, but either way, give me a call and give me a text because we do want more listings. We do want more buyers and we want everybody to get where they want to be on time for their new new house.
So give me a call. Give me a text 541-301-7980. Have a great Southern Oregon week. We'll see you next time. Bye now.