The Expert Podcast

• 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:
  1. 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.
  2. Utilize Land Records:
     • Check your state’s land records for details on mortgage issuance dates and interest rates.
  3. Cross-Reference Listings:
     • Match these homes with online listings on platforms like Zillow.
  4. 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.

• Let us know your thoughts or share your success stories in the comments!
• Good luck with your home search!