When Selling your home in today’s real estate market anticipate multiple offers
Here in the San Ramon Valley real estate world, we are experiencing a very low inventory of homes for sale – not enough homes for all the folks who want to buy here. This means that most home sellers find themselves having to choose from multiple offers. Home buyers, on the other hand, have to strategize with their agent and structure their offer in way that they think will win them the home. There is a great deal to think about from both sides of this equation.
In 2013, 98% of sellers received multiple offers, according to the National Association of Realtors report. The report listed the offer terms that sellers most commonly accepted. For the majority of sellers, 77% elected to choose the highest price offer, while 47% accepted the best mortgage-qualified buyers. Only 23% of sellers chose to take the all cash offers.
If you are selling your home in today’s real estate market, you most likely will receive multiple offers. So it is imperative to share with your realtor why you are selling your home. Different situations call for different selling strategies. Let the experience of your realtor work for you. It isn’t always about choosing the highest offer. Here are a few scenarios to consider:
If you just got a job promotion in a different city and need to move quickly, an all cash offer with 10 day close might be right for you. If you are an empty nester, and are looking to downsize to start the next chapter of your life, you might choose the highest price offer. If you need a larger home for a growing family, and have to sell your current home in order to qualify for the next home, a solid, well qualified buyer is what might be best. Who wants to have the deal fall apart at the eleventh hour with so much at stake? Even things like selling the washer and dryer and fridge to the next owner can be factored in if it makes sense for you. Less hassle for both sides.
Whether you’re selling your home in a buyers or sellers’ real estate market, teaming up with an experienced realtor to formulate a well thought-out home selling plan is the best way to achieve your goal with the least hassle and the most positive experience. A realtor can prepare you for what you might expect when the offers come in, how to negotiate, and then ultimately choose the offer that is best for your needs.
Mona Koussa is a local listing realtor in San Ramon, with over 15 years of real estate experience. If you are thinking about selling your home, give her a call. Mona will sit down with you and customize a strategy for selling your home that is tailored to your needs. Selling a home has a lot of moving parts, like repairs, inspections, staging and showings. Negotiating the contract terms however is the most important. This can get overwhelming unless you have a Realtor that knows how to juggle and schedule all that. Call or email today – let’s start the conversation.