In today’s market, inventory continues to be low, but the same isn’t true for buyer demand.
In the here and now, our market’s inventory is in shorter supply, which is creating the occasional multiple-offer situation. Two questions, in particular, have come about as a result: What should buyers do with the current state of play? And how does it impact sellers?
Today’s focus will be on these market developments as it concerns sellers.
More than ever, we’re seeing time frames condense considerably. Consider the recent history of our market: Just five years ago, buyers would make the assumption that there was something wrong with a home that spent a year on the market.
Some time passed, and we saw that window dwindle even further—buyers made that same assumption three years when a home sat on the market for six months.
Fast forward to today—60 days gone by, and it raises questions in a buyer’s mind about the quality of the home. The reason for this is that buyers and sellers learn to adapt to the evolution of the market.
This time of year, we’re getting homes sold in a time frame of a week or even just a few days. We’re noticing that buyers are actively searching with such immediacy that they’re viewing properties the moment they’re marketed online and then scheduling appointments to see properties they like just as quickly.
If you’re a seller with multiple offers pouring in, you’ll want to be sure to review each and every proposal and the considerations they contain. Chief among them will be price, but you’ll also want to look closely at the other considerations.
You’ll want to figure in factors like:
- Do they have a house to sell?
- Do they have a house to close?
- How much of a down payment are they offering?
- What kind of financing will they be getting?
Other factors might include closing time, possession date, personal property that’ll be staying in the property, etc. Sellers have more options before them today than they previously would have—especially below the $300,000 price point.
If you’re interested in more information on how to handle multiple offers as a seller, feel free to give me a call. We bring a lot of experience to the table, and you can be sure we’ll do it competently and carefully. Stay tuned for our next video where we’ll talk about this same topic through the eyes of a buyer. We’ll talk to you soon!