How to know when an offer is right if you’re selling a home

You’ve done the hard work of listing your home on the market. As potential buyers consider their options for their next home, you hope for an offer that suits your needs. And in the current Triangle market, houses are selling quickly, staying on the market just 28 days by the end of March. In fact, some homeowners may get a few offers because demand remains high. As a seller, you may be asking how you’ll know when an offer is right.

While the answer may be different for some people, there are a few things you can think about and weigh before you officially accept an offer. The following are the considerations you can make to determine what’s best for your needs.

Most potential home buyers start looking for homes when they receive a pre-approval letter from a mortgage lender. Pre-approval lets you know that the buyer is serious about a purchase. It results in a smoother, faster transaction, because much of the work for obtaining a mortgage happens ahead of time. This type of traditional financing means the buyer is working with a lender to obtain a mortgage that covers the purchase. You’ll go through the traditional process of inspections and may have to make concessions or repairs. Be aware of what repairs you may need to do to ensure you get the most out of the offer as possible.

During the COVID-19 pandemic, many buyers purchased homes with cash. And today, cash purchases have remained at a historic high. Cash purchases can be incredibly beneficial if you want to move quickly. Those who purchase with cash are often investors who are looking to flip a property, use it for rental income, or tear the house down. While cash offers are typically purchased at competitive prices, make sure you don’t reduce the price significantly for the cash offer.

In short, to know when an offer is right, weigh the financial benefits of it to determine if it is right for you.

There are a lot of steps that happen from the time you get an offer to the time you close on the purchase. As part of the process, a potential buyer offers due diligence to take your home off the market. During the due diligence period, the potential buyers will have inspections done to determine if repairs need to be made.

Within the offer, the buyers outline when they would like to close on the home. They will offer due diligence and outline contingencies. For example, a home inspection contingency may mean they can pull out of the purchase if the home inspection determines there are flaws that the buyer doesn’t want to deal with. Or an appraisal contingency means that the buyer could come back and negotiate on price if the appraiser assesses the home is worth less.

Read those terms carefully to determine what’s right for your needs. Just because a person may offer more for the price of the home doesn’t mean the rest of the offer meets your needs.

It’s still a seller’s market in the Triangle. Right now, inventory is low, which means your home can sell fast, which is good news when you’re ready to make a move. However, you still need to look at the market to determine your best course of action.  

You don’t have to take the first offer that comes your way unless you’re motivated to sell fast. With homes staying on the market for less than 30 days, there’s a good chance you’ll receive multiple offers before you receive the right one. Watch doorifyMLS to stay up on current market conditions. And check out other homes in your neighborhood to see how quickly they’re selling to help you stay up on the conditions.

As you consider selling, one of the first things you should do is look for a highly experienced agent who can help you sell with confidence. A good agent knows the ins and outs of the market. They also have the tools and know-how to price your home right, market it appropriately, and take you through the sale with ease.

You should rely on your agent’s expertise to help you know when an offer is right. While the ultimate decision is up to you, they are there to help you weigh the decisions you have to make, offer guidance, and negotiate on your behalf to ensure you get what you need for your home. Use your agent to your advantage to make your experience the best it can be.

Selling your home can be an exciting experience, especially when your agent and all of the terms are right. Make sure you’re working with the right person so your journey is the right one for your needs.