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We often compare real estate to matchmaking and dating - both involve sifting through to bring the right two parties together to ‘complete’ - only in real estate it’s a home, not heart. But just like in love, when it’s right, it’s right.
When working with sellers, receiving offers is always exciting. Offers provide validation on price, and that the home is likely to sell. But, not all offers are good offers. So, how do we work with our sellers to pinpoint the right one?
Top Kelowna realtors® Darcy Nyrose & Karen Mustard sit down to talk what goes into a good offer, and how sellers' can select the best offer that comes in for their home. HINT - the right offer isn't always the highest priced one!
Here’s how we guide our Kelowna real estate sellers’ through knowing what offer is ‘the right’ one:
Price is always important to sellers. Before we list a home, we look at all the market comparables to determine the fair market value of the home. We also determine what the seller’s minimum want/need is in order to sell. Both of these become important numbers when it comes time to review offers.
In situations where we’re expecting to receive multiple offers (such as a hot seller’s market), we set a date/time for offer review. This allows all potential buyers and their agents to put their best offer forward. And, it allows us to review and compare all offers to our sellers at the same time.
The highest price offer isn't necessarily the best offer. It's easy to be attracted to the offer that will garner you the most money, but price isn't everything. If the buyer can't remove subjects on the home, has a lot of conditions, or might be at risk of not closing on the home, a successful sale could be at risk.
The cleaner the offer, the higher the chance the home sale will complete. There are a variety of conditions that can be included in an offer to purchase a home, with common ones being: subject to financing, subject to a home inspection, subject to the buyer selling their own home first etc. The offer that is the most likely to complete is a cash sale with no conditions. But, this is far from common. Most buyers are arranging a mortgage, and it is always advisable to have a home inspection. Your experienced Realtor can help determine the various factors that might come into play with each subject and condition of sale.
Many buyers and sellers love to negotiate on timing - of both the subject removal date and sale closing date. As a seller, this is where you have some leverage to ensure the timing meets your best interest and needs in terms of move-out goals.
How much do the buyers really want the home? How likely are they to remove subjects and complete on the home? Some offers will include a buyers' letter outlining their high level of interest in a home. Seeing offers collapse is always frustrating and disheartening, so understanding the buyer and their motivation to purchase can help ensure a seamless transaction.
Above all, when you work with experienced real estate agents, you can rest-assured that your best interests are being looked after when selling your home. After all, we’re here to help mitigate the hassles so you can get to the finish line.
Are you thinking about selling your Kelowna home? Now's the time. Get in touch for a free market evaluation and to discuss your real estate goals.
