Hi, this is Jack Ma w/ Jack Ma Real Estate Group in Brea. Thank you for watching Residential Real Estate Made Simple.
When you see the title, you probably were thinking…Jack. you must be out of your mind…what does toilet paper shortage anything to do with buying a house? What did you learn? Well…There are more similarities than you think so let’s have some fun and hear me out!
They both started with a discrepancy in supply and demand. There are a lot more buyers than sellers on the market. Sellers have more control and leverage thus the price goes up. When COVID-19 broke out last year, people panicked and rushed to the stores and bought all the toilet paper they could get their hands on and started hoarding. As a result paper towels are so hard to come by and people ended up paying for more than they normally would.
So what did I learn and how will that help you buy a house today?
1. Be the first one to know the inventory – I used to check the inventory status throughout the day to see if the store restocks on the toilet paper. Similarly set up notifications to receive listings as soon they are on the market. Join Real Estate groups on social media to find any coming soon listings.
2. Expand your search area – When I couldn’t find toilet paper in say…target…I would go to Walmart or Costco to see if they are available. When it comes to real estate…are there similar cities that you don’t mind buying? The more cities of choice you have, the more houses you can choose from.
3. Be Ready to pay more and make decision fast – There were times when I was struggling with deciding if I want to pay extra for toilet paper and the next thing I know…it went out of stock. So when you see a house you like, act fast and be more aggressive with the price. Your competition or a buyer that is more motivated may not give you the time to wait and be conservative on the price.
4. Find alternative source – I remember asking a few friends in the restaurant industry to see if they can get toilet paper from their vendors. How does that work in today’s real estate market? Find homeowners that are thinking about selling but are not yet on the market. You not only can avoid the competition, but you may also get a better price.
Ahhh…what did I say? There is more similarity than you think right?
Ahhh…what did I say? There is more similarity than you think right?
Also, as part of my job as a real estate agent, I talk to 20-30 homeowners about real estate and I come across people every day that are thinking about selling. So I may have an alternative source for you. If you have an area that you are looking for, I can help you find a seller. Give me a call!
Did you enjoy this fun topic today? As always, if you like this video, like my Facebook page, subscribe to my YouTube channel and I look forward to talking to you soon!
If you have any questions regarding real estate, kindly call 909-529-1989
