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4 Tips for Leveraging Today’s Market in Your Favor

By: Peter Mulholland & Ora Ross

4 Tips for Leveraging Today’s Market in Your Favor

Tags: Selling Your Home

If you want to have the best possible home sale, follow these tips.

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A lot of people are talking about how to buy in our current market because, after all, it’s a seller’s market. They assume that selling should be a breeze, but how exactly do you leverage this market to sell quickly and for top dollar?

We don’t have to go too far back in time to identify markets that looked like this one, where bidding wars were pushing prices up but then everything suddenly stopped on a dime. In 2017 we saw this for certain neighborhoods in our marketplace. In the spring, people paid a lot of money for homes that weren’t worth what they paid once summer rolled around. I’m not suggesting that’s what’s happening now, but there are four tips you need to remember to ensure you get the best price and strongest offer for your home so you know it will close come closing day:
1. On offer night, ensure your agent organizes all offers on a chart according to price, conditions, the closing date, the size of the deposit, etc. These details can matter a lot to you.

2. Have your agent investigate potential buyers. It’s your agent’s job to call the buyers’ agents and find out things like how much their buyers are putting down, whether or not they’ve been pre-qualified for a mortgage, and whether or not they have a home to sell before they can buy yours. In multiple-offer situations, you might have a few offers that look similar. Knowing these factors is how you determine which one is the best. If they’re putting 20% down, for example, your home’s appraisal becomes very important (we’ll talk more about this in another video).

"In a multiple-offer situation, you want to favor the offer that has no conditions."

3. Understand the conditions of an offer if there are any, but also remember that offers without conditions should be prioritized. If a buyer makes an offer and would like to take a three- to five-day conditional period to do their due diligence, that’s a reasonable request, but in a multiple-offer situation, you want to favor the offer that has no conditions. That way, the day you sell your home, it’s sold—no ifs, ands, or buts.

4. Remember that the best offer isn’t always the one with the highest price. Of course, you want the highest price for your home, but if you don’t heed the first three tips in this list, you might accept an offer with the highest price but the lowest probability of actually closing on your home. For example, a buyer may be offering the highest price but not even be pre-qualified yet.

If you’d like to know more about how to accept the best offer for your home, don’t hesitate to reach out to me. I’d love to speak with you. Stay tuned for my next video where I’ll offer my advice for buyers in this market.