You’ve probably heard that it’s a seller’s market. What does that mean exactly? In a seller’s market, the number of homes for sale in the market is low and buyers demand is high. This means you may have a greater chance of receiving multiple offers.
For a seller, multiple offers are a good thing. A multiple offer puts you in the driver’s seat and increases the odds that you’ll sell your home for the price you want.
Let’s take a look at a few key things you can do to make sure you’re prepared for a multiple offer situation.
Choose an experienced agent who can help you negotiate the ins and outs of a multiple offer situation. Next, have your home pre-inspected. This reduces the chance of any sort of surprise that could spook your buyers, and possibly ruin your deal.
Consider getting a home warranty. Obtaining a home warranty reduces the buyer’s risk and instills confidence giving your home a competitive advantage.
In a multiple offer situation, the best offer may not always be the one with the highest price. There are many factors that come into play, such as price, closing costs and closing dates.
Look what happens when the buyer offers more for the house but asks the seller to pay 3 percent of the closing costs. The second offer nets more for the seller even though the price they offered was less. The lesson here is to look beyond the price being offered to include variables like closing costs that can affect the overall net price of the offer.
Of course, none of these things matter if the potential buyer can’t afford to pay the price. So, always make sure that the buyer is pre-approved for the mortgage loan amount needed to buy your home and that they are working with a credible lender.
Getting multiple offers on your home is definitely an advantage. An experienced agent can help you put together a solid strategic plan so you’re prepared and ready to go should your home receive multiple offers.