Value Bomb: Hold Status
For those of you who have been looking online at homes available for sale, you have probably noticed that there is not a ton of inventory to look at and that is the case right now. Prior to the coronavirus outbreak becoming more serious here locally, there was already a little bit of inventory shortage on the market, so now many of those homes that were in an active status have gone into a hold status.
What that means is the listing agent for the property goes in and changes the status from active to hold, and it goes into ghost-mode. Buyers who were looking online on different syndicate sources such as Zillow or Realtor.com etc. won’t even see the property show up. So it basically disappears.
What I recommend doing if you are a buyer, or know that you will be a buyer shortly once the dust does settle, is have your agent send you a list of properties that are in hold status within your parameters. That way you can see which sellers do have an intention of selling and get a little bit of a head start for when you do get back out there and actively start looking.
Be well, stay safe, and I’ll talk to you soon!