LOCAL HOME PRICES TRENDING UP

Many home sellers are in the driver's seat these days. That means if your home is priced right, in great condition and located in a desirable area, buyers are waiting to snap up your home. The two questions our sellers ask most: How to spot the best offer that's most likely to close? And, how can we get the best price?

Of course, as your local real estate professionals we will present you with each purchase offer for your home. We'll outline its strengths and weaknesses. Together we'll evaluate how it stands on its own or compared to competing purchase offers. We'll take in the price and balance that with the impact of all other terms (price is rarely your sole deciding factor). To help make the best decision possible, here are some of the top tips our home sellers need to know to help spot the offer that nets the greatest return—and has the greatest chance of getting to closing/settlement.

#1. Be realistic. Sure, you might get a great offer on your home that is more than your listing price. But know that if the buyer's appraisal comes in under that sky-high purchase-offer price, the closing/settlement will at best be delayed or perhaps the sales price will have to be renegotiated down or the entire sale could be canceled.

#2. Check out the big picture. Is the buyer being flexible or difficult, even if the buyer is offering the highest purchase price? If the buyer is hard to contact, slow to respond and generally distant, getting to closing/settlement could be fraught with delays, or even a last-minute cancelation. Beware: If getting to a signed contract is a struggle, this buyer could spell trouble.

#3. Know your competition. Prices have rebounded, and multiple offers are not uncommon on local homes that are in move-in condition in sought-after locations. Your buyers will be keenly aware of this—especially if they've lost out on buying a home or two this spring—and their purchase offer will reflect the current market conditions.

#4. Take the area's job pulse. If the job market in the local area is on the upswing, traditionally, home prices rise accordingly. If local employers are hiring, purchase offers may come in from new or relocating employees eager to get settled into their new job—and in a new home in their new hometown.

#5. Track interest rates. Upticks in interest rates make buyers quicker on decisions; lower interest rates can mean buyers can afford more with their money. Smart buyers move quickly once they find a home they want and express that urgency in their purchase offer by offering a larger deposit (earnest money), flexible terms, and quick response.

#6. Favor all-cash buyers. They have no mortgage hoops to jump through and can often close fast without hurdles. If your goal is to get your home sold, choosing the all-cash buyer often means a fast, uncomplicated path to sold. Beware: All-cash buyers may be investors who may have other plans for your home than to occupy it as a traditional buyer.

#7. Weigh multiple offers against each other. If you have multiple offers, first weigh them each individually for their overall likelihood of getting to closing/settlement. Then compare any perks each offers such as a quick closing date, not asking for closing costs, etc. We'll help you decide with a comparative "walkaway cash" net-proceeds analysis.

#8. Don't ignore developer or rehab company offers. These speculators are likely to be all-cash offers, have few contingencies and close quickly. Cons? Consider your neighbors' reaction and the path your neighborhood could take long-term after you're gone.

#9. Remove sentiment from the equation. To get the best price, approach the transaction as a business matter. Separate your family home's memories and personal history from the process of selling your largest asset.

#10. Use feedback constructively. If you get negative buyer feedback or purchase offers with outrageous demands for repairs or concessions, don't take it personally. Use the market proactively to remedy the situation and make the buyer happy, or take the advice to fix the situation and encourage an offer from the largest possible pool of buyers.

Remember, be flexible like you expect buyers to be. When an offer comes in, treat that offer with the utmost respect and candor. This could be the offer that you accept, and it could even be the best offer you get. Make the most of it—before the buyer's mood changes.