Here are 3 common scenarios where “holding offers” may be the best move:
1. The market is sizzling. Houses are flying off of the shelves. 10, 15, 20 offers are being registered on homes in your area! This can be a very lucrative time to act.
Houses selling quick and for over asking is one of the telltale signs of a seller’s market. Buyers drive the market, so when demand is high, so are prices, and when buyer demand is low, yadda yadda. The important takeaway from this subheading is that if selling your home is the plan, jumping in on the uptrend is kinda self explanatory.
2. You’ve just purchased the home of your dreams, the only problem is that you haven’t yet sold your current home. We all fall in love (don’t be so hard on yourself) but you have no time to waste.
Chicken or the egg? Buy first or sell first? You’ll hear a lot of conflicting advice out there. The big let down answer is that; it’s really up to you. Luckily, you’re not alone and you’ve got an experienced agent by your side to help you figure out the right approach, for you. You really do have more time than you think, you just have to be smart about it and hire a pro.
3. A loved one has entrusted you with handling the sale of their property as an estate trustee, executor, or power of attorney, and there are multiple family members involved.
I tried to consider a “softer” way to put this, but I’m just going to say it: “there is always one”. Those of you that have had this responsibility know exactly what I’m saying. For those of you that do not, let’s just say that it’s not uncommon to find that someone within the family might just be looking for their share sooner and more ferociously than you think. Sometimes, there are a group of people entrusted with this task, and disagreements over value can eat up a lot of time.
You need a real estate agent you trust to sit down with you and whoever else is involved and discuss the benefits of “letting the market speak”.
Ultimately, anytime there is urgency involved you might want to explore the strategy of holding offers. The 3 scenarios above are just a few of many, and you really need to feel comfortable discussing all of your options with your agent.
What if you don’t hold offers? How does that work? Find out here! Read our blog about listing at market value.