With mortgage rates hitting historic lows, many consumers are eager to shop for houses. However, they face the challenge of low inventory and sellers who may be hesitant to put their homes on the market in the midst of the COVID-19 pandemic.
Some would-be sellers are deterred by that same lack of inventory, fearing that if they sell their home they will have limited options to buy another one.
Community-based platform Selling Later aims to give home sellers an opportunity to get in front of buyers without having to put their home on the market. The platform connects home buyers and sellers after matching home preferences and buying timeline.
“While we launched before COVID-19, Selling Later has become a crucial resource for home sellers that know they want to sell within the next year, but are not ready to risk their health or struggle to find a home with such low inventory available,” Selling Later Founder Wendy Gilch said in a release.
Selling Later is free for sellers and buyers to use, but they do ask that members donate to one of their nonprofit partners in exchange for the use of the platform. The company said that its platform doesn’t sell member information to third parties, and instead is focused on educating its members about the real estate industry by offering tips and tools to use when considering an agent.
“My mission for Selling Later is to give more time to consumers and raise money for nonprofits,” Gilch said in a written statement.
Via Selling Later, future homebuyers can view homes based on the month in which they wish to buy and submit inquiries.
Home sellers can use the inquiries to get into an agreement with a buyer in advance or use the inquiries as a way to negotiate lower commission with an agent. Sellers can also choose to collect the inquires and use them as a kickstarter when the home is officially listed on the market, the company said.