Sellers: Expect Multiple Strong Offers this
The winter season has traditionally been a slower time for home sales. The
guidance in the past has been to wait for the warmer months of spring before
listing. However, the current real estate market has created a strong seller’s
market and if you’re considering a move, it may be better to sell now rather than
risk a slowdown if interest rates rise in the coming months.
Well-priced homes have always attracted multiple offers. Often these proposals
varied in strength, allowing the seller to easily make the best decision based on
price and terms. In this current climate, with inventory so low, well-qualified
buyers are searching for homes and making swift decisions. As a result, sellers are
receiving multiple, strong offers.
According to recent data by the National Association of Realtors®, the average
seller receives 3.7 offers on their home. These are typically well-qualified, serious
home buyers and many are all-cash. While this is a good “problem” to have, it can
also lead to confusion as sellers struggle to choose the right offer.
Working with your agent, consider each offer carefully and review both price and
terms, such as contingencies and close date. Remember that the value for any
buyer financing the purchase will be subject to an appraisal; this will prevent you
from accepting an unrealistic offer that may cost you time and money if the
appraisal doesn’t support the value and you need to start over.
The bottom line is that this is a great time to sell your home. If you’ve been
considering a move, no need to wait for spring.