Wednesday, August 20, 2014
Competing Offers--No Fear!
Competition fears.I recently had a buyer text me the address of a home they saw for sale, listed within their price range. A moment later I received another text from the same buyer: a note that they know they’ll never be able to afford it because of all the traffic they saw at the open house and the multiple offers they assumed would result. It’s great for buyers to have a realistic understanding of local market dynamics like whether it’s a buyer’s or a seller’s market, how long homes tend to stay on the market, whether they should expect to compete with other offers and how much above or below asking homes usually sell for.
But in a hot market this can result in buyers disqualifying themselves, mentally, from homes on which they should be making offers. Listing agents can help keep competition fears from running good buyers off by keeping buyer’s brokers who show the place up-to-date on plans for accepting offers and what the competition level truly is (assuming the latter is fine by your sellers and any applicable Association rules). Buyer’s brokers can keep competition fears grounded in reality by checking in with the listing agent about the number of offers expected or received and non-price terms of particular interest to the sellers.
From Article by Tara-Nicholle Nelson on TruliaProBlog