We all know it's a Seller's Market here in North County San DIego. In fact, it's a Seller's Market across the country right now. Why? Because so many Seller's have been waiting for home values to go up before listing their homes for sale. Buyers have been waiting for 5 to 7 years for market inventory to improve. That time is now and has been on the rise for the past 9 months.
Multiple Offers and Bidding Wars are back. Good for Sellers and tough for Buyers.
Sellers who want to get the most money out of their homes in the least amount of time are using a Deadline Strategy. This is where the listing agent cites a specific deadline for offers in the listing and on marketing materials. Most deadlines are written in the confidential agent to agent remarks and not in the public listing. A home listed and entered on the Multiple Listing Service on June 1 could have a Deadline of June 7 for incoming offers.
Why does this get results and high returns for the Seller? Setting a Deadline shows confidence in the listing price and the property value. It also moves the Buyers to help them focus and take action to write their offer and usually at their highest and best.
While the Seller could receive an offer they can't resist before the Deadline and accept that offer, they usually wait to see all offers submitted by the deadline. The Seller is not bound by the Deadline and can accept whichever offer most meets their terms of price, escrow closure and the strongest buyer.
Alison Peterson, Realtor