Within 5 hours of listing your house, you have 17 offers to consider.
Your first thought:
“Did we price it high enough – should we have listed at a higher price?
After all, the highest of the 17 offers is 15% OVER our listing price.
Some of these offers include very passionately written “love letters” from the Buyer begging you to choose their offer.
Your REALTOR does her best to collect all of the offers and analyze them, so she can help you prioritize them.
This analysis could mean printing all of them and bringing the bundle to your house to sort through and attempt to figure out which one is THE one with the best terms.
Maybe she’ll create a spreadsheet with all of the terms of each offer for easy comparison.
This is something that happens in a Zero Inventory market. It could be a particular price point (Pretty much anything under $350,000 in Davidson County – Nashville – and Williamson County – Brentwood, Franklin, Nolensville).
I thought I would share what I believe to be a “Dose of Realty” by way of offering advice to you, the seller, whose house is SO popular 🙂
- Your Listing price was perfect. It did what it was supposed to do . . . brought the buyers in DROVES to see your house.
- It IS possible to overprice a house even in a zero inventory market. The Buyers will come in droves to see the house and . . . no offers
- The Market (Buyers) spoke loud and clear about what THEY think your house is worth.
- Don’t make your decision based on price alone. “Greed Karma” might bite you. That highest price might come with awkward terms and a rocky ride to the closing. Many of these highest price offers fail due to Buyer’s remorse, failure to appraise for value, inspection resolution issues . . .
- It IS possible to “undercondition” your house in this HOT market. If you want multiple offers with best terms, your house MUST present well – No seeable or known defects – Clean and well staged with impeccable curb appeal . . . These buyers must say: “WOW!” when the drive in the driveway.
- The 3 principles of real estate ALWAYS apply – Location – Price – Condition . . . and I’ll add a 4th – Friendly terms (Like flexible closing/possession dates)
So . . . I’m sure there’s more to be said about this . . . I hope you will work with a REALTOR you know and trust to help you get the BEST price and terms for your house in this wild wild market.
I and the Vital Few REALTORS of Pareto stand poised and ready (well equipped) to partner with you to have the BEST home selling experience to move you to your next life chapter with efficiency.
Simply connect with me or visit our (Ultimate) property search website http://paretorealty.com
PS – I’ve started a video series entitled “Barry’s Drive Time” . . . tune in daily between 7:20-7:40 on Facebook live https://www.facebook.com/barryo06
If you miss the live session or want to see prior sessions, check out our youtube channel here