In the 2018 real estate market, we are experiencing what's known as a sellers market. This is created by an imbalance of more buyers than sellers. It's the supply and demand theory in action. The result is that there is a lot of competition between buyers for any desirable home that comes on the market.
However, there can be a danger that complacent sellers may not be aware of. While the sellers are in the drivers seat, they should be careful not to take too much for granted.
When presented with multiple offers - a currently common occurence - sellers need to carefully consider all aspects of the offer and try to see past the dollar signs and look for the least complicated deals.
There are many hurdles between the accepted offer and the closing table and what should have been a slam dunk could backfire.
Sellers should be prepared to work with buyers through each of the possible pitfalls, including:
1. An unexpected interest rate change.
2. A low appraisal.
3. Home inspection issues.
Each of these present the buyer and seller with decisions they may not have considered. For the seller, walking away from these challenges is not always the best answer. While homes are selling briskly, we are still looking at a 3-4 month supply on the market.
If a seller decides to walk away from a demanding buyer it's important to remember that the home may have been off the market for 1-4 weeks while dealing with the process. Putting the house back on the market puts it in the not so fresh category from the buyers point of view. The home may get a negative perception in the market place.
More importantly, because of these circumstances, the home may not sell for as high a price as it would have originally. If repairs were requested and rejected, the seller may find the same requests again, only this time from a lower starting point. Statiscally, the longer a home is on the market the lower the selling price compared to the asking price. So, consider carefully if you are thinking of backing away from a deal.
For questions about the value of your home, our ad agency style marketing program, and comments from hundreds of satisfied customers, give me a call at 419-779-6229. Thanks!
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The Kelley Knitz Team is among the leaders in the Toledo area real estate market.
Kelley is sharing her 25+ years of experience to help new home buyers and home sellers understand the complexities of the home buying process.
Kelley Knitz has been a RE/MAX agent for over 26 years and is in the RE/MAX Hall of Fame and is a long time member of the Toledo Board of Realtors Million Dollar Club.
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Maumee, OH 43537