Imagine, for a moment that Queen’s “Another One Bites the Dust” is playing as a soundtrack to this message. This song aptly sets the tone for how my business is going, if I might lovingly refer to each house I list and sell as “another one bites the dust” when I get a contract signed.
The severe shortage of homes on the market this spring means, when priced competitively,each home is drawing many eligible and interested buyers. As there’s such large demand for every type of home at the moment, this is causing many situations for my clients where they may have multiple offers to consider on their home. Some might think of it as a dream come true!
Last week, during the snowstorm that overtook the state, I listed two homes. One was near my home in Coon Rapids and one was in Breezy Point, in the Brainerd Lakes area. Both homes were staged well and had good photographs to present them online. In Coon Rapids, where the market has many more buyers in the under $300,000 price range, the home received 34 showings (26 during the snow storm) and over 16 groups came through the open house. Why am I rattling these numbers off? Because my clients received 14 offers on their home. The National Association of Realtors statistics state that for every 10 showings, a seller should expect 1 offer. My clients received offers on a 3.6:1 basis.
Why would you want 14 offers? Well, you don’t necessarily. I can tell you that after 5 years of negotiating in multiple offers for both my buyers and sellers, there are typically a few great offers and the rest are just more of the same, but with different names attached to each offer. When my clients share their goals with me, I can help them analyze this large amount of information and help them distill it to meet their priorities – whether they are looking for the best closing date or the best bottom line.
What happens when you don’t get multiple offers? Like, when you just receive one? Then I follow my mother’s sage advice; dance with the one you came with. I advise my clients to counter the offer they receive and see what we can pull together. Sometimes, the first offer is the best one. Sometimes it can take hours or days of negotiations to pull the right combination of terms together for my clients. Whatever it takes, I am here to advise and help my clients transition through the entire process until they receive the funds on closing day. Then we drink champagne and celebrate!