May the best offer win! Unfortunately, neither of my buyers this weekend "won" the house that they wanted. A cautionary tale...
This weekend, I had two different buyers at were interested in two different new listings. The first buyer couple saw the house and wanted to "sleep on it". Which is fine, I get it. After explaining that this particular home would sell quickly and it would be difficult to find another like it, we parted ways. But by the next afternoon when they decided to make an offer, the house was already gone. Other buyers had slept on it the night before and there were multiple offers resulting in a sale price above the list price! In our current market, in specific price points, you don't have the luxury of "sleeping on it". And if you do not already have your pre-approval in place or know how much you want to spend, you are also at a disadvantage.
The other buyer, saw the house twice over the weekend. With no other offers on the house, we had a unique opportunity to be the first offer. But there was again an obstacle. This buyer has a home that needs to sell first, and it isn't on the market yet. So despite a strong offer, those two items were a deal breaker for the seller and the offer was rejected. The seller received 4 offers on the house after the open house yesterday and it is now under contract.
The first buyers are now pre-approved and ready to not let the next house slip through their fingers.
The second buyers are going to continue to get their current home ready for the market and once it is online, it should sell quickly and we will be in a much better negotiating position.
The pre-Spring market is a great time to sell, but buyers need to be ready to compete with their best offer out of the gate. With multiple offers likely, we need to prepare by having the pre-approval ready, writing the strongest offer possible and moving quickly to make a decision. The interest rates are still below 4%, so it is still a great time to make a move. Call me today for a FREE buyers' consultation if you are thinking that 2018 is the year for you to purchase a new home.