In Real Estate timing can be everything. When is the right time to bring your home on the market? When should you search for a new home? Even more important, how quickly can you see a house you like and send your offer!
Harry and Sally were looking for a town house in Seattle. They wanted their home to be in the new, modern style and in a prime location. I showed them many homes. They were overwhelmed by the number of eager buyers competing for a small number of homes! In this competitive 2016 market, most sellers want their property to have the best exposure so they set an offer review date shortly after the first open house. I am careful to send the best new listings to my buyers, letting them know the offer review dates.
The perfect home finally came on the market; it met all of Harry and Sally’s criteria. The listing didn’t specify an offer review date. I immediately contacted the broker and was told, “we will look at offers as they come”. That was rare in this seller’s market. I quickly showed Harry and Sally the house which looked even better than the pictures. “How do we get this townhouse?”, they asked. Usually I recommend having a pre-offer inspection however we didn’t have time and there was likely no need since this home was 2010 construction. We needed to send the offer as soon as possible! Harry and Sally waived the inspection and sent a great offer with no contingencies. The next morning the listing broker said he already had another offer. The buyers added an “escalation” and won the other offer by adding “just” 5% over asking price. This property was only one day on the market. Considering the prime location and contemporary styling, the seller’s agent would likely have received a higher price if he had just waited and had an offer review date.
Timing played a big part in this game. Harry and Sally moved quickly and won the home of their dreams!