In today's real estate market, homebuyers can use all the help they can get.
Today's homebuyers are facing low inventory and high prices, which means that buyers get caught in buying frenzies and bidding wars. Homebuyers are often turning up to open houses to find 20-plus buyers competing, and a decision that has to be made in 15 minutes or less. Or worse, frazzled and frustrated homebuyers are pulling the trigger on homes without even seeing them and are offering generous prices far above asking. This has led more than a few new homeowners to wake up with buyer's remorse.
How Did We Get Here?
Housing inventory has declined 33.5% year over year. Low mortgage rates have resulted in a veritable "feeding frenzy," with homebuyers scurrying to take advantage of the economic climate. This is then compounded by the current state of the market, where homes typically sell in 38 days (compared to 60 days a year ago).
The Real Estate Industry
Some have criticized the real estate establishment for its lack of transparency in sale brokering. They argue too many agents are being vague about offers to other agents to create bidding wars or encouraging buyers to waive property assessments. Then there are the frowned-upon pocket listings, where agents don't list properties on the MLS and sell outside of the system to their private buyers.
Online Access to the Same Data
Lastly, a less-discussed issue is that everyone is online looking at the same property sites with the same data and setting the same alerts for the same new listings. No matter how fast your agent is or how internet-savvy homebuyers are, they are seemingly always missing out.
"Control your own destiny, or someone else will."
Jack Welch, former Chairman and CEO of General Electric.
What if there was a way to take control of your home buying experience by a) knowing which sources are the most valuable and reliable and b) identifying hot properties before they go on the market, just like top brokers and investors?
You, as a consumer, can tap into their "secrets" and benefit from some of the same data that they use. This secret data source is PropStream and it allows you to find off-market deals and research the right price for your home by looking at comparables.
How PropStream Can Help Consumers Stay Ahead
PropStream stands out amidst the ever-growing array of options, saving consumers time, giving them insights, and even finding properties that haven't hit the market yet. For less than $100 a month, you can benefit from data that was previously only available to brokers, agents, and seasoned investors. And that $100 may save you thousands on your home — and potential buyer's remorse.
Rather than getting caught up in bidding wars, you can find properties that haven't yet hit the market. Think like an investor, and you might be able to discover a dream home that you can afford. PropStream also has a strong education platform, weekly webinars, and customer support to help you get started.
PropStream enables homebuyers to:
- Discover off-market properties and reach out to owners before anyone else.
- Find new neighborhoods that are similar to those you may be considering with heatmaps and data visualizations.
- See the prices of nearby homes and what they have sold for.
- Delve into specific geographies to better understand comparative prices and trends.
- Reach homeowners, including those that might otherwise be hard to find.
- Accurately estimate rehab costs.
Depending on your real estate confidence level, you could either make a purchase directly from the homeowner or work closely with your agent. You can develop a strategy that meets your needs and budget and gives you a competitive edge over other buyers in your market.
Real estate websites are still a great place to browse for homes and stoke some wanderlust, but if you really want to get your dream home for the best deal, consider using PropStream to access the same tools that real estate professionals turn to for insights, off-market properties, and connections with potential sellers. Your home may be the most significant investment you ever make, and you deserve to have all the information at your fingertips to make a confident purchase of your dream home.