The real estate market ebbs and flows. We are in a quieter time right now as people head into their double-vaxxed summer IRL. You may have noticed that some houses are staying on the market for a little longer than usual. The market will come back in September. It always does. In the meantime, though, what do you do if your house doesn’t sell on offer night?
Don’t panic! We’re still in a seller’s market. There are still more buyers than there are sellers. Demand still outweighs supply. In March, houses were selling in a matter of hours. Now, sometimes it takes two weeks. Two weeks to sell a house is still the sign that you are in a robust market.
List your house at market value: If you had an offer date set, that probably means that you also intentionally listed your house for less than market value hoping to get a bidding war. If you don’t get that bidding war on offer night, it’s time to give up that dream. You should re-list your home for market value and look at offers at any time. This is a good strategy because there is a lot of buyer fatigue right now. Have you ever lost ten offers in a row? It’s not fun. It turns buyers off the whole process of buying a house. But, if you list your house for a price that you’re prepared to accept at any time, you’ll find one very grateful buyer.
Be realistic: The market is still strong, but you will likely get slightly less money now than you would have had you listed your house in the Spring. You will still make a lot of money on your house, and likely far more than you would have made had you sold last year. If you need to sell now, you’ll make good money. If you can afford to wait, you will likely make slightly more money in the fall.
We’d love to help you sell your home. Reach out if you’re thinking about making a move.
As always, stay safe.
The Kim Kehoe Team