But as the economy slows down and interest rates increase, sellers are wondering if the bidding wars are over, and what that means for them.
First of all, bidding wars have occurred in every kind of real estate market. Well-positioned homes have always garnered attention and offers. What’s different in a seller’s market is that buyers are so desperate to find a home, that multiple offers seem to be normal on every listing. As the pace slows down, sellers need to adjust their expectations and avoid costly mistakes.
Seller Mistakes to Avoid in a “Normal” Market
Priced too Low or too High – Price the home correctly. Don’t play games with the price.
Bad Curb Appeal – Curb Appeal is once again important to making a good first impression.
Delayed Response – Don’t wait to respond to a buyer’s offer because you hope to have a bidding war.
Unreasonable Demands – Buyers have choices now, be reasonable with the counter and contingencies.
Finally, be patient. In a typical market, an average home we be on the market at least 2 weeks. Although this current market is not quite a buyers or sellers market, it's anything but typical. Keep in mind that a healthy real estate market benefits all parties and hiring a real estate professional for your transaction is the best choice in any market!
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