With near record lows for active residential listings in the Georgian Triangle, down 30.3% from year-ago levels. A real estate bidding war certainly isn’t uncommon in the Blue Mountain area.
With desirable homes across the Blue Mountains regular receiving multiple offers within hours of listing, it’s a different ballgame out there for realtors, sellers and buyers.
When in doubt, your real estate sales representative is your best source for guidance and advice through the process, and here at Blue Mountain Property, Matthew Ledbetter is always available to answer your questions.
To get you started, here are a few basic tips:
Often sellers wonder if they should go with the highest bidder.
Not necessarily. The highest bid, thousands over your asking price, may be conditional on several factors. Often we see real estate offers come in conditional on approved financing, a home inspection or the buyer selling their own home.
The extra money from a high bid may be attractive, but you have to question whether you should effectively take your house off the market while waiting for the offer to firm up.
These conditions make it much less appealing than the competing prospect that came in with no conditions, albeit at a lower price.
How do you decide what offer is best?
As the seller, that depends on you and what’s most important.
If it’s money, you already have your answer. If its a firm closing date you’d prefer, then you need to go with the offer that lines up with yours. An offer to purchase with more money is definitely attractive, but if the terms don’t meet your goals then a lower-priced offer with fewer strings may be best.
When more than one offer comes in, you generally have one of three options:
Option #1 Accept one of the offers because you like the terms;
Option #2 Counter one of the offers and change the terms that are not acceptable;
Option #3 Ask the bidders to improve their offers.
Selling a home in a competitive multi-offer environment can be challenging and it can also be rewarding. With the help of your realtor, consider what is important to you.