Today the Long & Foster office I am affiliated with hosted its annual agent awards. In the waning days of the pandemic, social distancing was still advised, so we had a red carpet pick up of our awards after a Zoom ceremony.
It was no surprise to me that I was the top individual agent in our office for volume, units and gross commission income. I had my best year yet in 2020. It also wasn’t a surprise to be recognized for the business referred to our affiliates at RGS Title, Prosperity Home Mortgage and Long & Foster Insurance. It was nice to hear kind words from each of those affiliates that went beyond an award presentation. Doing business with people you genuinely like is so rewarding.
The award that caught me off guard was this one:
Normally, I am recognized for blogging. Evidently, I am the only person in our office who blogs. Being the only one doing something doesn’t necessarily make it noteworthy year after year. So I was more than pleasantly surprised to be recognized for something I take great pride in–Doing the Right Thing.
My broker recognized me as an agent who knows the contract inside and out, follows the rules, knows the ethics of this business and genuinely cares about everyone. And if anyone in the office ever wondered what they should do in a given situation, call me. Now THAT is an award I will take with pride.
I may have to invest in a fancy dress for next year so I’m not under dressed when I accept my awards, whatever they may be. The great news is that doing the right thing, helping my clients and selling a lot of homes can be done very easily in blue jeans…and that is my style.
Because I list more homes than an average agent in the Bristow-Gainesville marketplace, I have occasion to interact with a lot more sellers. The biggest question is always the generic, “When is the best time of year to list?” Nowadays, in our market with extreme buyer demand and limited inventory, anytime is a great time to list. And to be honest, even in the least friendly seller markets that I have worked, there was really only one or two months to avoid–July and August. Sure, school may be out, but that means most folks are on summer vacation and not house hunting. Not this year (2020.)
The more specific question about timing I get is, “What is the best day of the week to hit the market?” While opinions may vary, I will throw my Top Producer credentials and many years of experience behind my own opinion–Thursday.
If your property becomes active on Thursday, buyers and their agents have time to schedule to see it for the weekend. You get maximum exposure to buyers and by Sunday night or Monday afternoon, you have enough offers to wallpaper a large bedroom in your home.
That doesn’t mean that listing any other day of the week is bad. Certainly not. I’ve had sellers list on Monday and be under contract within a day or two. However, if you are living in the home you are selling and want to minimize the pain-in-the-butt factor of showings, starting on a Thursday afternoon or evening is perfect.
Want more information about listing your home and when the best time would be for you? Get in touch and let’s talk it out.
Risk Averse Buyers Are Finding it Hard to Get Under Contract
Being a Top Producing Real Estate Agent in the Bristow-Gainesville marketplace, the majority of my business is done as a Listing Agent. So far this year, I have been at the helm of a dozen multiple offer situations. This means I have first hand knowledge of what offers buyers are presenting in the market. What I have found with my buyers this year is that, until they are willing to take on some risk, they are writing offers that just aren’t competitive in a multiple offer situation.
What are buyers willing to do to get their offer accepted? Here are some ideas:
Offer over list price
Use an escalation clause to go above list when other offers are present
Offer to pay a certain amount of seller’s closing costs
You can see where it would be hard to compete if a buyer was risk averse and not willing to have a home inspection with the right to void only, or offer only list price. In the current seller’s market that our Bristow-Gainesville area is experiencing, buyers have to swing for the fences to get an offer accepted. That means offering things, or not including contingencies, that would otherwise be typical in a balanced market.
Of course, every buyer’s capabilities are different. Working with a Buyer’s Agent that understands what are reasonable risks for you is important. An example would be whether or not you should have a radon inspection. Well, testing for radon during a home inspection is at least three times more expensive than getting an over the counter kit. The worst that would happen in either scenario is that radon level would be above EPA limits and you would need to install a radon remediation system. Obviously, in a seller’s market, sellers are not getting many offers asking for a radon inspection. If you can handle the worst case, which is the $1,000-$1,200 installation of a radon remediation system (price typical on homes built within the last 20 years or so) it is not a big risk to forego the radon inspection and test after you purchase.
Talking out your financial capabilities and your tolerance for risk are very important conversations to have with your agent. If you haven’t hired a buyer’s agent yet, get in touch with me. I’ll be happy to help you through the stressful process of making offers in multiple offer situations….and most importantly, making offers that can get accepted based on your capabilities.