The Louisville listings nobody's making offers on: 90+ days on market, same owner 10+
Everyone's chasing off-market deals right now with driving for dollars, absentee owner lists, tax delinquent lists and postcards. That all works. But some of the best opportunities in my market are already on the MLS, and most people walk right past them.
I've been tracking homes that have been listed for 90+ days where the same owner has had the house for 10+ years. In mid-October, Jefferson County had 461 homes sitting 90+ days, and 117 of them had the same owner for 10+ years.
Why that combination matters:
The 90+ days tells you the market has said no. The price, condition or both aren't working. The seller has probably already had a price cut or two and is wondering what's wrong.
The 10+ years tells you there's equity. A long-time owner usually has a low mortgage balance or none at all. That's what lets them take a lower offer when someone who bought three years ago can't.
Together, it usually means a seller who wants to be done. A lot of these are inherited houses, owners who've already moved, or downsizers paying for a house they don't live in anymore. They're not trying to get every last dollar. They want a clean, certain close.
The nice part is you don't have to convince anyone to sell. They already listed it. You just have to be the one who makes a real offer with clean terms while everyone else is waiting for a price cut.
A few things I'd keep in mind:
Plenty of these have been sitting for a reason. Some are overpriced, and some need more work than the photos show. Run the numbers like any other deal.
Expect to make a lot of offers and get a lot of no's. The yes's are worth it.
Have your agent ask the listing agent about the seller's situation before you write the offer. A long-time owner who's motivated will usually come through in that conversation.
I keep a running list of these for Louisville, updated from the MLS. If you're investing here or thinking about it, send me a message and I'll get it to you.
For those of you in other markets, are you looking at stale listings like this, or sticking with off-market?