Very low inventory, very high demand, many multiple offers above the list price – is it a great time to sell?
Yes, it is, as long as you know where you are going after your home goes from “Just Listed” to “Under Contract” in a matter of a few days.
Here are some tips to consider to get the highest price and the best terms:
• Make sure your home sparkles and shines. You are sure to get more and better offers.
• Price your home right – you’ll have a better shot to get multiple offers over list price.
• Use professional photography and virtual tours so online presentations wow the viewers.
• Schedule showings smartly; buyers seeing other buyers will result in much better offers.
• Review offers in a timely manner. This motivates buyers to offer their highest and best.
• Look at all terms of the offer. Cash offers might be better than offers with financing.
• Choose the offers you like the best, work with those offers and negotiate accordingly.
For example, when sellers receive multiple offers, they can usually find a couple of acceptable offers among the initial ones received. And the offers that the sellers like the best might not always be the highest offer.
In addition to cash or financing, other terms that might be important include: earnest money deposit, closing date, flexibility in possession, inspection options, and contingencies that might be included in the offer.
Once the sellers identify a couple of offers that they like more than the others, they can go with the offer they like the most and negotiate that offer to fully meet their needs. Alternatively, they can respectfully ask the prospective buyers of both offers for their highest and best.
In representing home sellers during the past several months, I have seen some offers come in that included an “Escalation Clause Addendum.” In this clause, the buyers state that they will increase their offer price by $1,000 or more than any other bona fide offer or price, up to some specific capped amount.
Dear sellers and buyers, it’s like the “Wild Wild West” out there! So whether you are selling or buying, I suggest that you have a bullet-proof strategy that gives you the best chance of satisfying your real estate needs and wants.
Larry Stoller is a broker and Realtor with Real Estate Five of the Lowcountry. Larry@RealEstateFive.com, RealEstateFive.com, SunCityOpenHouses247.com