No one is in a hurry in today's real estate market...Actually, everyone is procrastinating... Let me explain the real estate strategy of creating a sense of urgency that I have just utilized to help me sell a home in today's slow market.
Creating Urgency! Strategy 6 in selling a home for the highest price in the shortest amount of time..
One of my sellers recently had their beautiful home on the market. The sellers were the original owners and had immaculately maintained this home. The home received many showings and everyone who saw it gave positive feedback. All the prospective buyers were procrastinating.
After 3 months, the sellers were getting a little frustrated and concerned that their home would not sell for a fair price. They actually received a few ridiculously lowball offers from buyers who wanted to test whether my seller would give away the house. All the serious buyers were procrastinating
In another market this house would have sold in a week and the sellers would be able to move on. All that's well and good but as a realtor, I have to deal with the present market and still get the best possible price. I don't know about other realtors, but I'm always thinking about my sellers and what the next plan should be. This is what I suggested to my client and the outcome was most favorable.
I needed to create urgency- there were 6 buyers who expressed interest in my seller's home along the way, but for some reason they weren't going to pull the trigger and pay a fair price... The serious Buyers were procrastinating. Another similar, but not as maintained home house in the neighborhood sold for much lower than it should have, so buyers were actually basing their offers for this home on that previous sale.
In order to create urgency, I suggested to my clients to come to a bottom line in their head and present it to the 5 buyers who had already expressed interest in their home. One of the parties immediately took us seriously and wrote a contract based on this bottom line price. 3 days later, another one of the parties saw that that the home was under contract, and wanted to write a back up offer. My client accepted this back up offer in case their original offer fell through. Although the second offer was a better offer, my clients did not go back on their word to the first buyer, but they did inform the first buyer that since they had another offer... they would not fix any items that came up on inspection... The first party really wanted the house and agreed to take the house as is.. I guess in order for you to beat procrastination, you have to create a sense urgency
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This is strategy 6 in my series or tips for selling/ buying your home. If you would like to read my previous posts in my strategy a week series, I have include them below for your convenience.
Strategy 5 Sellers Guide to hiring a realtor whether its in Buffalo Grove Illinois or Topeka Kansas
Strategy 4 How does a buyer find the best deal
Strategy 3 Real estate Marketing 101 the good ole fashion way
Strategy 2 Why you should hire a local realtor when buying a home?
Strategy 1 Why you should take pictures of your home in all seasons
If you want more information regarding specific real estate sales in the Buffalo Grove, Long Grove, and Lincolnshire area, please do not hesitate to call me at 847-602-5435 , email me at info@buffalogrovehomes.com or check out my website at www.buffalogrovehomes.com or www.buffalogroveareahomes.com . I can help you in the purchase or sale of a Buffalo Grove Condo, Buffalo Grove Townhouse, Buffalo Grove single family home or a Buffalo Grove rental. I am available 24/7 to make appointments!
