Seller’s markets come and go. If you’re selling your house in or around the zipcode during a seller’s market, then you might get multiple offers. Here’s how to review seller’s market offers in …
A seller’s market is when there are more buyers and fewer properties. For sellers, it’s an exciting time to sell because you may be able to get a higher asking price. You might also get multiple offers on your house at once.
If you’re selling your house and you received multiple offers, you might be asking yourself, “now what do I do?” Although multiple offers might be exciting to receive, it can also be overwhelming. Fortunately, there are 4 things you can do to help ease the burden and approach your multiple offers to your greatest advantage…
How To Review Seller’s Market Offers In
First, sort the offers based on contingencies: The first step is to divide the offers into two categories: those with contingencies and those without. Buyers may make offers contingent on certain factors, such as mortgage approval or the sale of their current home. While it’s not necessary to discard contingent offers, it’s often easier and quicker to work with someone who’s not buying based on a contingency.
Second, Determine your priorities: The next step is to determine what matters most to you – the speed of the sale or the price. While both are crucial factors, one may be more important than the other. If you want to sell your house quickly, sort the offers based on the ones that fit your timeline. If you’re looking for the highest possible price, sort the offers based on the amount offered.
- If speed is important to you, sort the offers by the ones who are closest to the timeline you want to move in.
- If price is important to you, sort the offers by the ones that are highest to lowest in terms of price.
Third, prioritize offers with fewer conditions: If you receive several offers that match your preference (e.g., you want to sell your house by the end of the month and have several offers that fit within that timeframe), sort them based on the ones with the fewest conditions. Buyers may add conditions that make the process more complicated, so the fewer conditions, the better.
By the end, you’ll have a pile of offers – at the top will be the ones that offer the best speed or price (whatever is more important to you), the least conditions, and are ready to buy right away. And at the bottom are those who aren’t ready to buy because they have contingencies.
Fourth, make counteroffers: Once you’ve sorted the offers, you’ll have a list of potential buyers. Start with the ones at the top of the list and work your way down, making counteroffers from a position of strength. With this method, you can leverage the strengths of the offers and negotiate the terms that work best for you.
If you’re overwhelmed by the process of reviewing multiple offers, or if you don’t receive the offers you were hoping for, there’s another option to consider. You can sell your house directly to a company like Oak Summit Group. By doing so, you’ll bypass the traditional process of listing and marketing your house and instead sell directly to a company that specializes in buying homes. This can be a great option if you’re looking for a quick sale with minimal hassle.