How’s the Market? Ask a Seller!
During the past months, there have been many stories about the buyer experience in this very unusual housing market. Waiting in lines for a fifteen minute window to tour a home. Writing multiple offers well over asking price. Offering additional funds at closing to offset a possible appraisal gap. Waiving home inspections. The list goes on.
On the surface, all of this seems like a great scenario for sellers, and, to be sure, sellers have enjoyed some phenomenal outcomes. But, let’s take a moment to look at this market from a seller’s perspective. Their view is not necessarily what you would expect.
Everyone has a unique reason for selling their home. Whether the sale means a new beginning or a necessary lifestyle change, selling a home is personal. While some sellers are comfortable with 40 or more groups of buyers and agents coming through their home in 48 hours, others are definitely not. Recently, I was waiting in line to show a home and the police arrived! Neighbors were concerned about cars lining both sides of the street and restricting access.
As the showings begin, the offers typically follow. The average Offer to Purchase package contains 15-18 pages with lots of numbers and terms to consider. Imagine you are the seller and have been presented with 10, 20, sometimes 30 offers to review. And you can choose ONE. Many sellers have not sold a home in at least a decade. Overwhelmed yet?
What are sellers looking for in an offer? I spoke to a few sellers recently and while price is important, it often comes down to the terms of the offer when making a final choice. Choosing an offer that is most likely to get to the finish line is key. Flexibility is very important. Can the buyer accommodate a longer closing date if the seller needs more time to secure their next home? Sellers are looking for “insurance policies” that can overcome possible obstacles like a lower home appraisal and issues in an inspection report. Down payments, pre-approval letters, earnest money all speak to the strength of the offer. Once they’ve made their choice, sellers are just as invested in the path to closing as the buyers. As each milestone is reached, they breathe the same sigh of relief as the buyer! They are definitely not just sitting back and waiting for the sale proceeds to be deposited in their account!
Selling a home is not a “one size fits all” proposition. There is a strategy to achieve great outcomes while respecting a seller’s comfort level and viewpoint. It starts and ends with an agent and a team with the same goal – buyer and seller moving forward to their next chapter of home.
Thinking about Selling? Here’s what you can do NOW to prepare to list your home!
