Everyone in the property value chain wants a fast or a quick sale. But we want the very best price for your property when we sell it. There are a few things to consider if you are blessed enough to get an offer quickly. And by quickly we mean in under a week. Click here to find out more about who KW Select is.
Personal Story
A few years back I sold my property in Cape Town. I sold it within 72 hours and although I was not working in the property industry at the time, I remember thinking that I sold it for less than it was worth. But over the next 3 months, I did follow sales prices and together my agent and I got the price right. It’s so easy to think that because the house sold fast you could have gotten more for it. It’s also possible that the asking price was right. It is also possible that the agent I used to sell my home had taken good care of the buyers for the area and when my property was listed, she already had buyers lined up for my property sale. And that is exactly what happened.
A Great Agent Must Present The Facts
The facts, in this case, are the merits of each offer if you have more than 1 or 2. Firstly, the price is the strongest consideration. So too are the suspensive clauses, like:
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- Is the offer that the buyer has signed for a cash transaction with no suspensive clauses? A cash transaction also means you could and would possibly need to move out at registration in under 35 days.
- Is the offer subject to the sale of the buyer’s other property in order to get finance.
- More to the point, and this is key, is the buyer pre-approved. Not just a quick affordability assessment on a bank website, but a property pre-approval. Getting an offer is wonderful but having a sale fall over because the buyer does not qualify for the finance they need for you sale is quite another thing. Remember pre-approvals do not cost you a dime and they do guarantee you get the best rate on your bond over a 20-year term.
When Should You Accept An Offer Without Batting An Eyelid
There are two times and these are simply:
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- If the offer meets the full asking price.
- If the offer exceeds your full asking price.
- Nowadays though buyers will put in an offer for 10% below the asking price. A great agent will know how to manage and navigate the negotiation process which we call the counter-offer process.
Then There Are The Pressures Of Life
You have put in an offer on your next property so you have a suspensive clause in place to navigate. Your own personal financial pressures also count here. If the bills are piling up and you need out then considering the right offer would be critical. A great agent will always confirm whether a deposit has been considered on the offer. This is always a show of good faith and it is possible to make this a non-refundable deposit. For advice when you sell, and to book your property valuation, click here.
The 3 Market Conditions At Play
- You get a buyers market where demand for property is strong but the amount of stock on the market is limited. In this scenario, sellers can be firmer on the price.
- A seller’s market is where there is an abundance of stock or properties on the market. But the buyers are slim. Demand for property in an area or even a price range is slim. In this case, buyers have the trump cards and sellers may need to consider, very carefully the pricing at which their property will sell.
- Your asking price – is it correct for the current market we find ourselves in? If in comparison to your competition, that is, the other properties on the market in your area and within a similar price range. If your property is priced higher than your competition for the same or similar, this may mean you as the seller need to be open-minded when it comes to considering competitive offers from buyers.
- Does your OTP include the 72-hour clause? This allows a Seller to continue marketing the property for a further 72 hours to see whether your Great Agent is able to get a more competitive offer.
Can We Schedule A Property Valuation For You?
We have great Agents, accredited and well-trained and we would be honored to help you take the first step in the process. KW Select is part of the biggest real estate brand in the world. We are also fortunate to leverage the best technology for the industry on a global scale. And trust me, leveraging buyers that we know are still looking for their dream home works. Building up demand in a property with a strong CRM focus has never been more important. And our Great Agents get better results thanks to a robust CRM platform.
Reach Out Today And Let’s Get You A Property Valuation
KW Select has fast become know for our ability to price correctly for sale. We are in the business of selling homes, not listing them for fun. We get the results and we also ensure a win-win solution for all our stakeholders. Click here to book your free property valuation from KW Select. We would be honored to assist you and the market is starting to pick up again, but so too is your competition for buyers in the area. Hope to hear from you soon.
