Every morning, my work day starts by logging into the Central Virginia Regional Multiple Listing Service. I look at what’s new to the market (i.e., new listings) and what’s off the market (i.e., pending listings and expired listings). The new listings alert me to what I might need to show one of my current buyers or something I need to call a past client on for a possible move up/down. The pending listings alert me to what folks are buying. Again, I might use a pending listing to educate a current buyer as to market direction, especially if I have shown the buyer that particular property. Finally, the expired listings might present opportunities for me to pick up a listing due to a prior agent’s mistakes (usually overpricing and not understanding market direction) or to validate market direction. Nowhere better is market direction shown than in expired listings, since they tell you what and where buyers aren’t buying.  

     Now I want you to envision this….. I am jumping up and down, I am honking my car horn, I am setting off fireworks…..well, do you get the picture? I want your attention. Let me give you just 3 examples of what I found this a.m., which I consider unbelievable opportunities or where I need to gather more information. Like the old Dragnet show (you, youngsters, better Google that), the names have been changed to protect the innocent.

     Opportunity 1 – from the new listings. Very exclusive West End Community. Listing has almost no information with the notation listing information will be added today. Boy, talk about a rush to the market. Price is slightly under $1,000,000. Property has a waterview and was purchased – now get this – in May 2006 for $1,150,000. There’s a story here and like Bernard Baruch (kids, you might want to google him, too) I smell "blood in the water."

    Opportunity 2 – from the pending listings. Golf course community in Hanover where this specific submarket is just glutted. Last time, I counted the active listings in there, there were about 15 for a community of about 250 homes. That is several years of inventory for this community. This property pended at under $500,000. I know the builder who built this property and he does quality work. I also know which hole on the golf course this home is located on and it has a spectacular view. I checked what the current owner paid "new" in April ’02. This was a very very very good purchase for someone.

     Hey, Brick, that’s all wonderful, but you know we’re all not looking for a million dollar or even a half million dollar home. What have you got for us common folk? That will be opportunity 3, but I wanted you to see that these opportunities exist across the price spectrum and across the area. The difference between these opportunities and less expensive ones will be in the how many zeroes are in the savings. It is all proportional.

    Opportunity 3 – from the new listings and the expired listings. I saw this one 2 days ago when it expired (no, the property didn’t not die, the agreement between the seller and his agent lapsed or "expired") and thought - something is wrong here, this community always sells and sells quickly. This is a West End townhouse community in super location. It was relisted today with a 5 % discount after 180 days – give me a break. I checked what the owner bought this for and I am calling people about this one today. This property should be BID hard - the agent comments in the listing just reeked of defeat. I bet this can be bought at a minimum 10 % discount from its current price, which is in the $160,000′s. And I would bid it even lower to start.

    So now that you know how I start my day, why don’t you get in the habit of e-mailing me or calling me to see what is the DEAL OF THE DAY.  Look, I’d love to post these opportunities, but I do not have the time. It only took 10 minutes to discover these opportunities this a.m, but over a 1/2 hour to compose this post. I’m a salesman, not a journalist.