We know that in a hot market houses can sell overnight. Now at first thought, selling overnight may sound like a great idea, but it also may bring with it that really big and burning question– “Could I have got more?” If you have the right strategies in place that burning question should never scald you. One of these key strategies I would like to share for Sellers getting the best offer in a fast and hot market is slowing things down. Think about it—If you were to host a party at your house you wouldn’t pop the cork on the bubbly when the first guest arrives would you!? Of course not. You would wait for at least a few more people to show up first I’m sure! The way to avoid prematurely “popping the cork” when it’s your time to sell, is to put out a notice of a pre-determined time that you will sit down to consider any offers– (usually about 3-5 days after your property has been listed and preferably spanning into the weekend). Not only does this allow for more activity for your listing, but that activity may then help drive the interest of more Buyers; interested Buyers compete and competition drives price.
There’s another plus to slowing things down as well and believe it or not it’s for the benefit of Buyers. Arguably, a more disappointing thing than losing out in multiple offers is losing out on the opportunity all together! By delaying offers you are allowing more prospective Buyers, who may be very qualified but can’t see a property with less than a days notice because of a tight schedule or other circumstances, a chance they may have not otherwise been afforded to put in an offer. Additionally, if a Buyer sees the property and has time to really consider it, that fosters confidence in their choice once it’s made. And with that, there is far less of a chance for you as a Seller suffering someone who feels like they made too hasty a decision and wants out.
Of course every listing is going to bring with it its own set of unique circumstances to be considered. I’m here to help you and work with you on those details when you’re ready.