Demand stays high, but sales decrease as buyers are met with difficult mortgage rates and high competition.
A house can sit on the market for any number of reasons. Sometimes the price is too high in comparison to other similar homes in the market. It might have been listed before a holiday weekend when potential buyers are out of town.
One thing is for sure; when a home has sat on the market for too long, it can create significant challenges for sellers and agents, who now have potential buyers asking the question: What is wrong with the property that it hasn’t sold? Agents must get creative with how to reposition the home, and too often, that means lowering the price and leaving money on the table for their client.
A recent CBS News article reported a significant jump in home listings and homes sitting on the market. So, how can sellers differentiate their listing in this changing environment?
With the addition of Final Offer to the real estate tool kit, agents have new options to turbocharge the home listing and stir up interest. Final Offer creates new opportunities for sellers to get a higher price by driving a competitive process that alerts interested parties that an offer has been made. Traditionally with price reductions, a seller takes the first offer out of frustration and exhaustion; with Final Offer, there is a greater chance of selling for more.
When a home is added to Final Offer, it is published with a List Price and the Final Offer price. Having the option to list two prices – one as a floor for bidding, and another as the ceiling – enables the seller to maximize the price of their home. By using Final Offer, buyers that have been sitting on the sidelines due to burnout and frustration now have confidence to make an offer - because the price and terms the seller will accept are known.
For agents, this is a way to create momentum around the property without the use of more marketing dollars, and without sacrificing client priorities. For the seller, using the unique features of the platform to get the best possible price for their home is preferable to reducing the price.
Demand stays high, but sales are slowing down as buyers are met with difficult mortgage rates and tough competition. Consider whether using Final Offer will help your client stay ahead and get the results they desire.