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The Pacific Northwest has been experiencing an extremely strong seller’s market in 2021 with an average of only two weeks of inventory. In a hot seller’s market, setting an offer review date is a strategy that can generate higher offers by increasing buyer competition.
Comparison of the percentage of list price received (sale-to-list ratio), of listings where the seller intends to review Offers Upon Receipt vs. the seller will review on an Offer Review Date. Includes MLS residential closed sales between 3/1/21 – 4/30/21, as reported by NWMLS member firms. (Created using the Matrix Stats Generator)
If you decide to go the offer review date route: many brokers and prospective buyers will expect you to stick to it! While it can be tempting to accept an early offer, a little patience can really pay off in the long run, often resulting in a better price and better terms for your client. On average, listings with offer review dates received 110.4% of the list price, while listings where the seller chose to review offers upon receipt received 101.2% of the list price. That’s a difference of 9.2%!
If you do receive a “too good to be true” early offer on a listing that has an offer review date, you can avoid frustrating a lot of buyers and brokers by keeping interested parties in the loop. Communicating promptly is critical. ShowingTime offers a mass email feature that quickly and easily contacts all of the brokers who have shown your home, or plan to in the future. You’ll not only boost your reputation as a straight shooter, you’ll also open up the opportunity of receiving another offer that is even better, a win-win for you and your client.
Take a quick tutorial on how to send mass emails in ShowingTime.