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Saturday, February 04, 2017

Home Seller Tips: Consider the cost of rejecting that offer....

One thing is true about home sellers, regardless of location.... sellers want what they want!  And, if a seller is lucky, they get what they want! 

But the reality is the market sets the price. A house is worth only what a buyer is willing to pay for it (and a bank is willing to lend).

The issue for a seller to reconcile is when there is a difference between the "want" and "offer" amounts.

Sometimes the decision is very easy as in the case of a low ball offer.

But the challenge is when the offer is reasonably near the desired price.  In those cases a seller needs to take into account their circumstances, timeline and what is next.

If a seller has a timeline to move (as in a new job) then acceptance may be the best choice.  What is the old saying about a bird in the hand?

But if there is no urgency then a seller needs to weigh the benefit to be gained by holding our for a higher offer.   First of all, there is no guarantee a higher offer will come soon.  Also, what are the associated costs incurred by waiting?

The obvious costs include the current mortgage, property taxes, association fees, insurance, and utilities.  These carrying costs can add up - especially if a seller already has another property.

Then there are the unknowns like what can go wrong.  The AC may be fine today but what about next week or month.  There could be a plumbing issue.  During the summer in Florida it could be a storm or hurricane risk.  If a house is vacant then there is also the risk of vandalism in some areas.

Sellers should weigh the known monthly costs against the prospective gain for a later sale.

Finally sellers need to consider the uncertainty and hassle of continued showings. 

Sometimes a minimal gain may not be worth the time and effort....Consider the carrying costs!

Ready to buy a home in Viera, Florida?  Call or text me at 321-693-3850.

Ready to sell your Viera, Florida home?  Call or text me at 321-693-3850 for your FREE MARKET ANALYSIS.   Why deal with a big office when a small office delivering big results is a phone call away?

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