Reno-Tahoe home-selling tips: Embracing the buying frenzy
Special to the Sun-Bonanza
When two or more Buyers are seriously looking at a property, the dynamics change for all parties. Sellers can get coy, thinking they are the prettiest girl at the dance.
Buyers can get auction fever and get swept up in the emotion, or move away completely. There is enough emotion in residential real estate without the addition of competition fever. In such situations, maintain perspective.
Just because multiple people are interested in the same home doesn’t mean they all see it the same way. What may be the ideal home for you could be an opportunity for somebody, at the right price.
Their price may not be anywhere near the asking price, or a price that you would value the home at. Conversely, they may have a greater reason to own that particular home than you do — let it go in that case.
If you are thinking you don’t want to compete, consider your options. Are there replacement homes that offer the amenities the subject property does?
Are they located as well? Don’t just move away from the action because of the action, be sure to have a good cause to do so. If there is a cash offer in play and you have a zero down and marginal credit … keep looking.
If you are the cash Buyer looking for the “screaming deal,” your cash may have just gotten you the right deal even if it is at full price. The “screaming deal” is relative.
Sometimes nobody wants to compete when they all want the property. Amazing how often that happens, and then someone else steps in and acts while the others are watching.
They see the property they really want go away because somebody else acted and they didn’t. Talk to your Agent about making an offer in such a situation that protects you and gives you separation from the pack.
Are you tiring of the competitive effort? Some price points require a lot of work these days. You might need to search the MLS all day long and look with your Agent a couple of times a day.
You may find yourself writing offers before seeing the home just to be in the game. This can be exhausting, but rewarding when you prevail.
Think of it like a football game and you are in the fourth quarter. Compete to the end. Embrace the challenge. It is worth it for you and your family to get what you want and need.
Sellers must keep their perspective as well when multiple Buyers are interested in their property. With so much interest if is easy to think you are priced too low, or that you can negotiate a more favorable agreement than you were planning on. Remember your selling goals and motivation.
Which offer will get you there quicker is one way to compare offers. Another comparison is to determine who likes the quirkiness of your home as you did, if that means something to you.
Most Sellers are interested in the bottom line — how big will their proceeds check be at the end? Treat all Buyers with respect and act in a timely manner. Don’t shop the offers, as you might find yourself very lonely in your house if you do.
Our Advice: Keep perspective in competitive situations. Don’t get auction fever and compromise what you want in a home. Work with your Agent to determine if you can replace the home in a reasonable period of time with something similar or better. If you want it, act on it.
Even if you miss out on it, at least you made an effort that you can feel good about. Stick to your game plan and make your offer accordingly. If it works for you, it was meant to be; if not, it wasn’t. Move on. The right home might be getting listed right now!
If you miss out on a property you really want, write a back-up offer. Amazing things do happen. If you find another in the interim, you can cancel the first until you move to first position. Keep the pressure on your competitor — they may crack.
Lisa Wetzel & Jim Valentine, CDPE, SFR, work for RE/MAX Realty Affiliates in the Carson Valley. Visit carsonvalleyland.com or call 775-781-5472 for information.
Support Local Journalism
Support Local Journalism
Readers around Lake Tahoe, Truckee, and beyond make the Sierra Sun's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User