In a hot real estate market it is not uncommon to see multiple offers on properties. As we have seen in Victoria over the last year, the lack of inventory has meant that multiple offer scenarios have become the norm for the time being. As a Seller, this is great news as this often generates over-asking offers with fewer conditions or no conditions at all, creating a clean and simple contract for a straightforward sale.
When preparing to list your home for sale in a very active Sellers’ market such as this one, here are some things you’ll want to consider:
- Showing availability will be very important. Once your home is listed, there will likely be a rush of Buyers wanting to schedule viewings within those first few days. The goal is always to accommodate as many viewings as possible, so it is a good idea to list at a time when you can plan to be out of the home for large periods throughout those initial days. Another option is to discuss a showing schedule with your Realtor to allow showings each day during certain hours that work best for you.
- Provide your Realtor with a list of considerations you would like Buyers to contemplate when writing an offer. Are there specific completion/possession dates that you need to line up with a purchase of a new home? Are there any appliances or fixtures that you would like to take with you and therefore would like to have them excluded from the contract? Your Realtor can provide this list to potential purchasers so they can prepare an offer that aligns with your needs.
- Talk to your Realtor about how offers will be managed. Would you like to review and deal with offers as they come up or is having an offer deadline where all potential purchasers submit their offers at a specified date/time a better option. When you are anticipating multiple offers, this can often be a beneficial approach as it allows several days for Buyers to view the home, handle any due diligence ahead of time and prepare their best offer.
- Create a plan ahead of time for dealing with pre-emptive offers. If you decide to delay offers until a specific deadline, make sure to also discuss with your Realtor about how you’d like to handle any pre-emptive offers that may arise. You may wish to review any pre-emptive offers that come in and deal with them at the time, or you may wish to specify that pre-emptive offers will not be accepted or reviewed. Make sure you understand the pro’s and con’s of each option.
Preparing a game plan and understanding the process of dealing with multiple offers and a hot real estate market is just as important and preparing the home itself for sale as it will help you as a Seller know what to expect and turn a potentially overwhelming situation into an exciting prospect!
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