Some communities in the U.S. are experiencing hot seller’s markets. That means that there are many buyers and not that many homes for sale. If you’re in that type of a market, here’s a strategy that may help you get top dollar for your listings.
The Strategy: Delay Showings
Most of the time, agents list properties and then encourage showings. It’s an exciting time for you and your seller, especially if you’re in a hot seller’s market. You know that your best prospects are often the first to see a listing.
That makes sense, because a buyer who jumps on a listing as soon as it hits the market is probably ready to buy. They’ve done their tire kicking, and they’re following the market closely to find that perfect home. It’s especially true in a market where buyers know the need to be very proactive because homes are selling quickly.
The only problem with that strategy is that while getting that first offer is exciting, it may not be the best offer out there. Unless the offer is at or above list price and has very attractive terms, you’ll always wonder what might have happened if you’d waited before accepting any offer.
What Typically Happens When You Delay Showings?
The idea of delaying showings is this: you list the home, and then delay showings for about five days. It’s helpful if the showings can be scheduled starting on the first weekend after listing the property. If all goes well, you should have a flurry of showings and you have a good chance of receiving multiple offers. If you uses this strategy, it’s a good idea to use a real estate showing scheduler because there will be a lot going on all at once.
When Not to Delay Showings
A delayed showing strategy isn’t good in certain situations:
- The sellers insisted on overpricing the home. Many agents won’t take an overpriced listing. However, if you do end up in that situation, don’t delay showings. You’ll want to get as much showing feedback as you can to convince the seller to be more realistic.
- The home hasn’t been prepared to sell. This strategy works when the listing is in peak condition. If the sellers have dragged their feet in terms of preparing the house to sell, don’t delay showings.
- You live in a vacation or second-home market. One downside of a delay in showing the home is that people who have a limited amount of time to look at homes may not be available when showings start. If you’re in a market where there are many buyers coming from other places, think carefully before you delay showings.
- The home will take time to sell, even in a seller’s market. Homes can take longer to sell for a number of reasons, depending on your market. Examples include if the listing is significantly larger or smaller than other homes in the area, is in a unique setting, or has unique architecture.
Ready to Give It a Try?
If you haven’t used this strategy before, you might want to give it a try. In some situations, you may be able to generate a bidding war. Of course, you want to avoid accepting an offer that will end up falling through because the house won’t appraise.
It’s a good strategy in a hot market to make sure you don’t end up selling for less because you get a good initial offer. Having the opportunity to review several offers at the same time will give you insight into how hot the market is, and how your listing is being viewed by potential buyers.