Sellers, Don't Get Greedy
As you sit and read this, you probably already know how insane the housing market is currently. With people offering over asking with escalation clauses, inspection waivers, cash everywhere, low-interest rates, all together, they are ingredients for an uncertain housing market. According to NAR, the median existing-home sales price in March rose by a record-breaking annual pace of 17.2% to a historic high of $329,100.
There was a time a few years ago when selling a listing within a day at the asking price was considered amazing, let alone over asking. I remember in 2018 when I sold my parent’s house, the day I listed it I was driving down to Florida (about a 15-hour drive) and by the time I got there, I had a couple of offers. My family couldn’t believe it. I couldn’t believe it. But we got it sold for $5,000 over the asking price.
Fast forward to today and things are so much different. Many sellers are putting their homes on the market because they need something bigger now that they are working from home or their kids are learning virtually. Some are selling just because the prices have gotten so high. There is this expectation that when you list your home you will get multiple offers within hours and sell it at ungodly prices. But I caution sellers: don’t get greedy!
An at-asking price offer on your home is still an offer and a great offer.
Because the spring/summer housing market is among us, more and more listings are starting to hit the market. Still low, but it’s more. That gives buyers a few more choices when they are looking. Because of this, don’t be surprised if your home sits on the market for a week before it gets an offer. Don’t be surprised if the offers that come are not as outrageous as they used to be. An at-asking price offer on your home is still an offer and a great offer. If you are listing your house with the sole purpose of selling over-asking, then you are listing your home for the wrong reason.
A great agent will price your home based on competitive homes in your area and based on what we expect a home to appraise at. Don’t pass up a good offer in hopes that maybe something better will come along. The first offer is usually the best offer. As I mentioned before, homes will begin to stay on the market a few days longer as other homes hit the market. That means, if your first offer comes a few days or a week later, the chances of any other offer coming over asking and with the appraisal guarantees and the whole shebang, is probably slim to none. Don’t get greedy chasing something that might not be there. Listen to your trusted agent who has their finger on the pulse of the market.
It’s still an amazing time to sell. Just make sure you’re doing it right.