What can a home seller do to help make a sale?
Respond to an offer in less than 24 hours.
Here’s what happens if you don’t:
- Once a buyer signs a contract, buyer’s remorse starts to set in. If allowed to fester for a day or two, buyers will talk themselves out of buying just because of the anxiety.
- There are just enough other new listings coming to market that the buyer’s wandering eye gets distracted easily.
- The longer it takes to get an answer, the lower the buyers want to counter.
- After about three days of waiting, buyers give up altogether.
On the other hand, when a seller does respond quickly, it gives the buyer the impression that the seller cares, and wants to make a deal. Buyers respond more favorably to those!
I had buyers make an offer on Monday that was within 4% of the new list price (sellers raised their list price – our offer was $250,000 over their original list) and here we are on Friday with no answer.
In a different case this week, my buyers offered more than twice what the seller paid in 2002, and three days later it wasn’t good enough – the sellers had to have another $10,000. This is a house that has been on the market for 100 days with no offers.
In both cases, we were sick of waiting around, and even a more favorable response wouldn’t have gone over that well.
Listing agents are notorious for not preparing their sellers on how to respond to offers. You can predict the chances of a deal coming together purely by how quick the sellers respond. If they are adequately motivated and the listing agent has their act together, you will get a response within 24 hours.
If not, there probably wasn’t much of a chance of buying it anyway.