The winter season is typically a slower time for home sales. Traditionally the thought has been to wait for the warmer months of spring before listing. However, the current real estate market has created a strong seller’s market and if you’re considering a move, it may be better to sell now rather than risk a slowdown if interest rates rise in the coming months.
Well-priced homes have always attracted multiple offers. Often these proposals varied in strength, allowing the seller to easily make the best decision based on price and terms. In this current climate, with inventory so low, well-qualified buyers are searching for homes and making swift decisions. As a result, sellers are receiving multiple, strong offers.
According to recent data by the National Association of Realtors®, the average seller receives 3.7 offers on their home. These are typically well-qualified, serious home buyers and many are all-cash. While this is a good “problem” to have, it can also lead to confusion as sellers struggle to choose the right offer.
Working with an experienced real estate professional is key in this market, as each offer must be carefully considered including not only the price and terms, but also subject to conditions and closing dates.
Remember too that the offered price might also require an appraisal (if the Buyer requires financing), and that if you accept such an unrealistically high offer, it might cost you lost time and money if the appraisal doesn’t support the value and you need to start over with selling your home.
The bottom line is that in this market of low inventory/supply the time to sell your home is right now! So, if you’ve been considering a move, there is no need to wait for spring.
To discuss selling your home in Kelowna/West Kelowna, give the Briggs On Homes Real Estate Group a call at 250-215-0015 or go to www.BriggsOnHomes.com Top Kelowna Real Estate Agents since 2006.