Sellers: Expect Multiple Strong Offers this Season
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.