Every home seller dreams of getting a great offer on their home. Let’s imagine that you get lucky and receive a strong offer on your home within the first couple of days on the market. The offer price is strong but not what you really wanted.
Do you grab the offer and put your home into escrow? Or do you counter back for even more money? Home sellers typically choose the latter.
I had the opportunity to witness this occurrence twice this past weekend. I had two new listings on the market. Each home received a strong offer within 48 hours.
There is a dynamic that occurs when sellers receive offers quickly. The thinking is typically ‘If we got that number, then maybe we can get even more?” Time after time, I see sellers turn away offers that they would be thrilled to receive 30 days into a listing.
Home sellers would be wise to remember that there is a cap on the sales price of their home. That cap is called ‘appraisal. Buyers can only go as far as recent sales comparables will allow. Presuming the buyer needs a mortgage, the lender’s appraisal will use those recent sales in your neighborhood to determine your home’s value.
San Diego Home Sellers, you want your home to sell quickly. Generally, the better offers come early in the listing period, and tend to deflate as time goes on. I encourage you to carefully consider the cost of keeping your home on the market (especially when it’s vacant), as well as the risk involved in turning down a sure thing.
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