Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
It was only a few years ago that the last thing a prospective Rehoboth Beach home buyer had to worry about was being outbid. Those were the days when the bottom seemed to be falling out of the Rehoboth Beach real estate market. Anyone brave enough to be looking to buy at a time when the real estate market was frightening most folks away was not only plucky—they were also alone. Sellers who had to move no matter what found themselves forced to accept offers that they knew were well below their property’s true utilitarian value. The only saving grace was that those same sellers could turn around and buy in their new community at the same kind of crazy discount.
That, as they say, was then—and this is now. As the real estate market in Rehoboth Beach continues to revive, sellers’ mindsets have returned to normal. Knowing that their Rehoboth Beach home is a valuable commodity, they demand offers that are respectable. One national survey found that that buyers are acting quickly on the most sought-after homes, and that overall, median DoMs (Days on Market) fell to 32 in March from 40 just a month earlier.
As the spring selling season heats up, some buyers who find the home of their dreams may also suspect that they aren’t alone. It calls for definitive action—and if it looks as if just making an offer might not win the day, some additional action. For home buyers who have a good idea that they must act decisively or miss out, here are some options for increasing the odds that their offer will be accepted:
One tactic to prevent being outbid is to add an escalation clause to the offer. If allowed, such a provision states if the seller receives another offer, then the buyers are willing to increase their own offer to a set price. For instance, a home buyer who makes an offer of $310,000 might include an escalation clause in increments of $3,000 should a competing offer appears, up to a maximum of $360,000.
Since people have different reasons for selling their home, another tactic is to discover what's important to the seller. Perhaps they have a new job opportunity and need to vacate as quickly as possible. Or maybe they have plenty of time, and are holding out for the maximum price. Your agent may have a good idea what is motivating the sellers so that you can craft your offer around their requirements. If a normal schedule calls for an inspection period of 10 days, but the sellers want to move quickly, they may be motivated by a shorter inspection period.
Usually, home buyers find it prudent to keep the upfront earnest money pledged to a minimum, allowing them more leeway in limiting their loss if they decide to back away from the deal. Increasing the earnest money shows the sellers you are serious about completing the purchase. It also subtly affirms your financial stability. An even more substantial demonstration is to become pre-qualified with a mortgage lender. Unless an all-cash purchase is possible, it’s the best way to guarantee you will be able to act quickly. Even if competitive bidders appear, when you are a pre-qualified buyer, you increase your chances of winning out.
When I’m tapped to act as your buyer’s agent, I become your advance scout and strategic partner as you explore this spring’s exciting Rehoboth Beach real estate market. I hope you’ll give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestate.com
When you read up on the dos and don’ts for selling your home, there is one piece of advice that’s universal when it comes to negotiating a successful deal: don’t let emotions get in the way. It does seem peculiar that something that is so obvious about any negotiation would have to be stated at all—much less repeated so often. You have to conclude that it happens a lot.
It does, and there are deep-seated reasons. Although selling your Rehoboth Beach home is primarily a business venture, it’s one with some of the emotional overtones usually associated with creative endeavors. When an artist or sculptor, jewelry designer or photographer—any creative professional—decides to offer works for sale to the public, it’s nearly impossible for him or her to remain completely objective about how it is received. Or to avoid forming feelings about those who accept or reject the creation.
Selling your Rehoboth Beach home only seems to be all business. True, it’s a single-transaction enterprise. It begins with preparing the property, and concludes with negotiating to close the deal. Every step of the process may seem to be all business. But in reality, it’s almost unavoidable for emotional cross currents to seep in from the very first step.
Consider preparing the property. If there were such a thing as a perfect home, this would be a cut-and-dried affair: all it would involve would be to eliminate every flaw. But since perfection exists only in some alternate universe, deciding which of a home’s features need to be enhanced, replaced, or done away with altogether involves making subjective judgments. Some of these can require paying significant amounts of money; others, significant amounts of elbow grease.
When the work is done and the results are first put on display, it’s like Opening Night. It is only human to feel personally connected with how prospective buyers react. Not only is the ‘product’ that’s being evaluated one that reflects your tastes and efforts—it’s also where you live! Your home, for goodness’ sake! It deserves to be appreciated at the very least…
Especially when it comes to the negotiations phase of selling your Rehoboth Beach home, this is one business venture wherein it’s nearly impossible to avoid the personal element. Acknowledging it is simple. And knowledge is power—if you expect that you might experience an emotional reaction at some point, you’ll recognize it for what it is. If it’s an overreaction, you will be much more likely to be able to simply take a deep breath, put it into perspective—and come up with an appropriate response.
“A lot of times buyers and sellers will argue tooth and nail over things that aren’t really that important,” New York City closing attorney Sandor Krauss blogged recently; “and sometimes it blows deals.”
One of the great advantages to having a Rehoboth Beach agent by your side when selling your area home is to have an experienced intermediary working on your behalf. It can put you at a professional remove from the direct negotiations with buyers—and their emotions! If you will be selling your home in Rehoboth Beach this winter or fall, I hope you’ll give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.