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Currently, we’re seeing a scarcity of inventory making it more of a seller’s market. Letting as many potential homebuyers know about a property before the listing becomes active can be extremely advantageous for the seller. More interested buyers often translate into a quicker sale at a better price.
Don’t be tempted, however, by offers prior to the home being shown to the general public. We know how attractive it would be to not have to keep your home perpetually clean and uncluttered, or to not have to pack up the the kids at short notice for showings. But accepting an offer before public exposure can be a costly mistake.
We’ve seen this happen way too many times. Some listing agents allow only their own buyers, sign calls and other agents within their office to view the listing prior to everyone else. In some cases, these homes are sold without ever coming on the market, a move that can cost the seller thousands of dollars in unrealized profit.
By way of example, we sold 150 Jasmine in Crestmoor in 2011. The house was listed at $619,000. We placed a “Coming Soon” sign on the property, but didn’t allow advance showings. Every buyer, including buyers we represented, was given the opportunity to view the house at the same time. My buyers did not have priority over any others. The first day on the market, we received four contracts – one from my buyer and three from other agents. My buyer did not have the winning contract, although she did offer full price. The winning offer was a cash contract for $650,000, closing in two weeks. Had we simply sold the home to our buyer, without giving it the proper presentation to the public, our seller never would have reaped $31,000 over asking price.
Not exposing the home to the general public does a great disservice to homesellers, especially in today’s sellers market. A seller should always insist that all parties have equal opportunity to view the home before accepting offers. Only in this way can the true market value of the home be revealed.
Denice Reich was totally dedicated to our best interest. She was completely knowledgeable of the market in our area and advised us on how to prepare our home to obtain top dollar. She was always available – seven days a week. She’s simply the best.
With her experience, hard work and expert knowledge of Crestmoor, Hilltop, Monclair neighborhoods, Denice found a buyer for our house in a very slow market. She then found us the perfect replacement home in the same neighborhood. We were impressed with her perseverance in finding a buyer, her patience in helping us find the right new house, and her knowledge of the market.
It was a pleasure to work with Denice and Stephanie regarding the sale of my father’s home. When I was first selecting a real estate agent to work with, another company actually suggested a higher asking price for the home. I chose to work with you because of your presentation, reasoning, and experience were so compelling. I am glad I listened to you and followed your advice. I have never experienced a smoother, more efficient process of selling a house. I believe that we were offered more than the asking price for the house due to your planning and management of the process. Thank you so much from both my father and me. I will certainly recommend you to others in the future.
Thank you Denice and Stephanie for all of your work on selling our home and with our new house purchase. We are very excited to get into our new place, and appreciate all of your work, advice and expertise in helping make our move possible.