Virtually every house listed for sale these days comes with a designated offer date, or you could say that the listing has a “hold back” on offers.
The question is : why? “why does every listing have a hold-back on offers?”
It’s a simple answer, we’re in a red-hot real estate market, and the seller wants to use this method to maximize the sale price for a home.
How long do you hold back offers in today’s market?
Most offer dates are about 5-7 days after the listing comes out, and this is not some sort of coincidence.
Typically, you want to allow for a full weekend to pass, thus exposing the home via the public open house, and giving buyers time to see the home, as well as go back for a second viewing, perhaps with a home inspector, family member, etc
It may seem that the pressure is on the buyer to move quickly but In today’s fast-paced market, the buyer often gets a new listing emailed to him or her the very day it comes out, and then goes to see it that evening.
That buyer might say, “Okay, we’re interested” that same evening, and thus “QUICK” could mean only eight hours after the listing hits the market.
Waiting around for a full week can seem like slow torture to many eager buyers, but that’s just the way things work in today’s industry.
But what about the alternative? We’re talking about a scenario when offers are reviewed too quickly, How about when offers are held-back for too long? 3 issues could occur:
1-A Seller may risk the chance of the Buyer Pool cooling off, as the initial excitement fades.
2- It Leaves the door open for Buyers to change their mind
3- In the long term, another property may come on the market that they like more.
None of us really “like” the system we have in place, with listing properties, and holding-back offers. But If you’re a frustrated buyer, just put the shoe on the other foot, and tell me for one second that you wouldn’t hold-back offers if YOU were a Seller in today’s market.
For more information or to reach me call 416-543-6887 or email me at firstname.lastname@example.org