In the current Gilbert real estate market, homes are selling fast with sellers getting offers before their home is officially listed or an open house happens so it makes sense to explore how to handle multiple offers. The reasons for this include high demand from people moving from California and other states and a lack of inventory. Builders can’t develop fast enough to meet the demand which has resulted in a hyper-market where Sellers are getting unprecedented offers for their homes. While there is high demand, it doesn’t mean the process is any less stressful.
How to Handle Multiple Offers
The team at Newman Realty begins by setting reasonable expectations. Not every home will sell within hours of listing or within a week, while others will. Each sale requires the right buyer to come through and that may not happen for a while. It is great to imagine a sight-unseen offer from an out-of-state buyer but not all homes garner that type of attention. That’s why it is important to hire the real estate team that has your best interests in mind and one that has a solid plan, no matter what the real estate market is doing.
When you hire the right team to represent you, especially in this market, think about how to handle multiple offers.
- Strategy is everything. Whether a hyper-market or slow market or something in-between, planning is important. Is your home staged for sale? Are you ready to move in 30 days? When will the home be available for showings? When will you review offers? What are you, as a Seller, willing to risk for the sale? Not every contract makes sense, even if it is above the asking price.
- Handle multiple offers with your goals in mind. As part of our process, we talk to you about your goals for selling your home. Do you want to downsize? Are you ready to move to a new neighborhood? Are you building a new home? Are you willing to rent if your house sells faster than anticipated? These are a few of the questions to ask and answer before putting your home on the market. The reason is that you can get easily sidetracked by personal letters from potential Buyers and cash offers above the asking price.
- Treat everyone fairly. Every offer has merit. Communicate respectfully and professionally with everyone involved. We are each working on behalf of our clients to get them the best offer, including your real estate agent. It is a stressful market so please be kind. If you have a personal reason for needing to meet a timeline or expectation, it is important to communicate that to your agent at the beginning of the process.
- Don’t look back. While we’d love to sell your home, we would rather you stay than regret moving, especially when the Buyer’s market is struggling with inventory as much as the Seller’s market right now. Think about the goals you have related to your home and decide if it makes sense to sell. Once you’ve decided to sell, the process can move fast, and you may need to handle multiple offers. Select an offer based on what we’ve discussed here and don’t look back.
In our article I Overpaid for My House, Mark Newman writes about what value means for Buyers in this market. Sunsets, golf course views, and an ideal neighborhood may be more valuable than the purchase price. If you’re seeking to sell your home, be prepared for the price of buying back into the current market.
In today’s Gilbert real estate market, it is important to understand that your home may sell even before it hits the market. You may get multiple offers and of those offers, it may be challenging to pick the right Buyer. Keeping your initial goals in mind while working with a trusted real estate professional will get you the right offer. We hope you choose the Newman Realty team!