This has been a crazy year in the real estate market, with average sale prices more than list price every month so far after January. But the market is slowing down. Although average sale price is still higher than list price, it has been softening and median sale price has been the same for the last three months.
Last weekend I had clients make an offer on a home when they were the only offer… only to have two other offers quickly follow (same thing happened a couple weeks ago!). That made a total of 3 offers. Their offer wasn’t the highest price but the seller liked their other terms better so made a counter offer… and my buyers are excited to be moving forward to make it their new home.
Several months ago there may have been 10 or more offers, with the almost mythical prices you may have been hearing about.
Even in this year’s crazy market don’t think you can just list your home and sell As Is for top dollar. Buyers today are turned off by prices they think are too high, and homes they feel need too much work.
As we move into a slower market, it is more important than ever to price conservatively and more… clean and fix your home meticulously, and stage it so buyers will be drawn to it online and fall in love when they walk in the door. Then let the buyers drive up the price.
If you are a seller reviewing multiple offers, you may think it is easy to just pick the highest priced offer. But don’t be too hasty… be sure to consider all the terms. I have seen more offers fall through than ever this year for many reasons. A higher price won’t mean anything if you don’t get to closing.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
RELATED POSTS
