It appears that some of the smarter realty agents are also aware of what I pointed out months ago when it comes to seeking places that buyers might come from. A couple months back I pointed out the increase in cash buyers from Canada who knew to take advantage of certain Canadian tax laws in order to purchase properties in certain U.S. markets.
Now comes word of a noteworth increase in home purchases in the Orange County California area, specifically from buyers coming over from China.
Those agents who have been on top of this trend stand to do quite well for themselves by figuring this out at the right time. There is definitely money to be made, and buyers and sellers to satisfy, instead of continuing to knock on the same doors week after week.
All this going on while some agents continue to dwell in negative statistics about the market instead of seeking opportunities from wherever they can find them.
The next opportunity for aggressive realty agents might be seniors. With the uncertainty about Social Security these days, many more seniors are even more alarmed about outliving their funds along with their property losing value.
Meanwhile, some of the banks continue to bungle their finances and add to the chaos destroying the real estate market. This week Wells Fargo has announced it is discontinuing adding reverse mortgages:
This means even fewer options for seniors. While several mortgage brokers continue to offer reverse mortgages, they tend to be less aggressive about marketing them. I'm afraid that many seniors will read or hear the Wells Fargo announcement and give up on considering this option. The result will be less activity on the mortgage side.
Combine that possibility with the number of buyers from China paying cash instead of going the mortgage route, and it increases the financial bind that banks and lenders are finding themselves in, along with the many who seriously need to sell their homes.
If you are among those who need to sell, remember to look for sources and places your buyer could come from. Chances are the buyer you need is not local or you would have known about it by now. There is a whole world of potential out there.
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