3 Reasons to Look for Your Next Home in Hidden Market
by Stuart Neal
on Wednesday, August 25th, 2021 at 7:51pm.
You are registered on several real estate websites, you scour REALTOR®.ca every day and you drive round your favourite neighbourhood looking out for For Sale signs every few days. You are confident that you know every home available to you.
This would be a reasonable assumption, but it’s not accurate.
Did you consider that there might also be a hidden market too? Accessing this hidden market takes some ‘insider knowledge’ and a proactive approach.
There are 3 main components to the hidden market
1. Unsold Listings
If you are working with a REALTOR® that knows your chosen target community well, they will be aware which homes were on the market recently and subsequently did not sell, (usually because the seller was too ambitious on price). Many of these sellers would still sell if only someone would make them an offer and after months of failure, they may be more reasonable now. Why not ask your REALTOR® to contact the previous listing REALTOR® to ask if there might be any interest? If you don’t get a response, then perhaps your REALTOR® will knock on the door of these homes, or write them a letter to see if they would sell their home to you?
2. Unlisted Homes
Drive around your chosen target neighbourhood with your REALTOR® . Handpick some homes that you would dearly love to live in if only they were for sale. Ask your REALTOR® to go knock on the door and drop off a flyer indicating your interest. You might be amazed how many opportunities present themselves.
3. Create Your Own Home
If you have exhausted all other opportunities, you may need to consider building your own. If your target community is newer and developing, your REALTOR® can help you to access the new home market and avoid the pitfalls often associated with buying from a builder directly (read this blog to learn more). If your target community is a mature neighbourhood, you may need to consider buying a rundown house on nice lot, demolishing the home and building yourself an infill.