3 Things That Can Dramatically Affect Your Home Sale
Even though we’re in a strong market, deals can still fall apart. Here’s how (and why) to avoid that.
We all know that we’ve got a highly competitive seller’s market throughout the Miami Valley, so sellers believe the ball is in their court when it comes to things like choosing which offer to accept, picking the closing date, and which improvements to make prior to selling. Most of the time, that would be a correct assumption. However, it’s important to remember that there is always a line that shouldn’t be crossed.
There are many factors in getting a home to the closing table. Interest rates can change, financing may fall through, or an appraisal might come in lower than the agreed-upon price. These are all opportunities for the seller to work with the buyer to make sure the sale gets completed.
Be advised that although the market is good, there is still a five- to six-month supply of homes on the market. Even with the high demand we’ve been seeing, deals fall apart all the time. What happens when a buyer walks away from a deal? Here are three things that could potentially and dramatically affect your next sale:
“A buyer in hand is worth two in the bush.”
1. Time off the market leaves your home looking less fresh. The house may have been off of the market for one to four weeks. Any time off of the market isn’t good in terms of how your home is perceived by buyers.
2. The house may not (and often does not) sell for the same price as it would have originally. They often sell for less than the initial offer.
3. Hundreds or thousands may have been spent on repairs, but a different inspector or buyer may want even more repairs covered.
Heed the old adage, “A buyer in hand is worth two in the bush.” That’s not exactly it, but it fits with this blog post.
If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.