Monday, July 21, 2008

Where are the Desperate Sellers?

Here's a group of Realtors that know how to market themselves to match the current market conditions.

www.Agent 503.com

What's their angle? They track homes that have been on the market for more than 100 days, and are marked down more than 7%.

Check out their database here. They have multiple databases, broken out by local areas.

It's a great angle, they're really just repackaging data that already exists to find a niche that many buyer's currently want, deals.

And one more quick marketing tip to other Realtors and agents out there. Contrary to popular belief the best strategy in a down market is to get more targeted, not less. Find the key customer that you're after and market to them and only them.

Don't have a core customer? They you also likely don't have a differentiation, and you will struggle in this market. Figure out your strengths and target your marketing efforts towards them.

7 comments:

Anonymous said...

Patience. In a year those lists will be very long and the percentage drops much, much larger.

Louise said...

Indeed! My target has become much more narrow, although I have always gone where my referrals lead me. I seems that I've been working more with first time home buyers this year, and they keep getting referred to me. As for listings, relatively few this year, at a lower price point, and not in a "distressed" situation.

Anonymous said...

It is still 'selling season'. Until Labor Day, sellers are going to hold strong. The large price drops will be toward the holidays. New (or should I say, re-listed)homes will come back on the market in Jan. at a higher price than homes that stayed on the market for a year straight. The homes that have been on the market non stop from 2008 into spring 2009 will drastically drop their prices. Rentals will flood the market. It will be just like So. Cal. Now that the govt is passing the housing bill...things may not be too bad in Portland. If Portland peaked a year earlier than last summer...portland would be in just as much turmoil as So Cal. Portland is in a bubble. It is a wavering bubble. Look at Lake Oswego...anything over $600 is stacking up big time. No one can get loans.

Anonymous said...

My only hope is that like most govt programs, this bailout will be implemented in such an incompetent manner that it is completely ineffective.

PDX Outsider said...

That seems to be the case so far.

Anybody else heard rumors of a second stimulus package? Yay, more money for my savings that my daughter will have to pay off!

Anonymous said...

Here's how I see the bailout effecting Portland......so the speculators, I mean homeowners, get their loans reset to a lower interest rate...not really fair if you ask me...can I get a 4% loan, too? So less foreclosures but folks still in over their heads.

As for the $7,500 tax break for 1st time buyers...it still doesn't make a $250K home affordable for most especially with interest rates inching upward by the week.

What will this do to PDX prices...stagnation, IMHO.

Anonymous said...

anyone that owns a home has A LOT to gain from the house bailout. The foreclosures need to stop! Until the foreclosures stop...prices of homes will nose dive. If anyone in your neighborhood forecloses...that is your comp! The taxbreak for 1st time buyers is to get the ball rolling. First time buyers generally do not buy 250,000 houses. They buy cheap condos (not talking about luxery condos in the pearl). The people moving out of the condos will make more money so they can buy the house a step higher than the condo...so on and so on. That is how we get the housing market to start rolling again.