Want your home to sell? Guarantee response time

About a month ago, on a TipTuesday post, I spoke about the common reasons why homes for sale don’t sell. Among other reasons we spoke about mispricing, denied access and lack of marketing as some of the primary roadblocks on the way to the closing table. Today, I want to discuss yet another common sense strategy that can get your home sold in the current real estate market landscape.

Competition breeds opportunity

As the clock towards the expiration of the first time homebuyer tax credit winds down, more and more “fencesitters” are getting in the game and that’s creating unusual amounts of competition. This has been especially true in the entry level price point between $80k-$120k  (We discussed this in detail in our Bidding Wars post) and as a result a large number of buyers in the market for a home are exasperated to the point of quitting. They keep submitting offers on bank foreclosures and short sales that sometimes don’t even get acknowledged by the Seller or their representatives. When they are acknowledged, they literally take forever to get a reply (if you are one of the lucky ones). So what should you do as a seller to significantly increase your chances of success? Guarantee response time. Something to the effect of: Seller is committed to a response within 24 hrs of offer receipt. Make that absolutely clear and exhausted buyers and their agents will see your home as a front runner because with it – they have a greater chance of getting the deal done. And that’s worth its weight in gold these days.

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