How Many Offers Does it Take?

Everyone wants to know just how many offers does it take to sell your home in Overland Park.

The local real estate market is so crazy in certain price ranges, but come on, how many offers do you really need to sell your house? Some agents like to brag about how many offers their latest listing received. It’s the best way to boost their ego and they think it will make all sellers want to use them to sell their home as well.

Other agents like to take advantage of the hot market. They will actually let offers stack up for a couple of days before presenting them to the seller. While there is nothing wrong with doing that, it does tend to make other Realtors and their buyers mad. When buyers make an offer, they like to know whether they are going to get the house or at least be considered. Wouldn’t you if you were a buyer? They don’t like waiting a couple of days to find out they had no chance of their offer being accepted.

What’s the best game plan?

There are many options an agent can employ when strategizing their game plan to sell your home. Each agent thinks their plan is the best and is unique to them. From what day is the best day to list your home for sale, to how many offers they will accept, to the number of days they will collect offers.

But after all, how many offers does it take on one house? Some agents say it’s in the best interest of their seller to let the offers pile up. Why? What’s the most any house is going to sell for? We’re in Kansas. This is not California. A $300,000 house in Overland Park is not going to sell for $350,000. How much can you push the price up before the house doesn’t appraise for the price offered – maybe $15,000?

Home buyers are desperate to buy

Today’s buyers are desperate to buy a home. With low inventory and reasonable prices in the local market, most buyers have lost out on more than one house. When I tell a buyer that they probably aren’t going to get the first house they make an offer on, they look at me with dismay. After losing out on many houses, they make crazy offers on houses that really aren’t worth what they are offering.

For example, a friend of mine told me her neighbor’s house had received 14 offers and sold for $22,000 over the asking price. When we researched that, the sale price was only $5,500 over the list price. 14 offers??? Really?

Did the house sell for $22,000 over asking and the appraiser didn’t see the value? Or did the seller exaggerate the sale price to my friend? If the house actually did sell for $22,000 over asking and it didn’t appraise, then the seller probably was forced to reduce the price to the appraised value.

But in the end, if you’re the seller, don’t plan on using that $22,000 extra money on your next house until you determine you are actually going to receive it. If your house doesn’t appraise, you may not have the money you were hoping for and it could sure screw up your next purchase in a hurry.

How many offers does it take to sell your house?

Here’s my strategy when I list your Overland Park home for sale. My goal for my listings is to get 3 great offers the first day on the market. Everyone will have a final chance to bring their best and final offer by the end of the day.

That’s exactly what happened with my house in Leawood South. My sellers ended up with $12,425 over their asking price. (In the end, they took the lowest offer but it was a cash deal and it closed in 2 weeks – with no appraisal).

Don’t expect agents and their buyers to wait around for a couple of days to hear whether or not they got the house. Buyers today certainly don’t want to miss out on another house while you’re busy collecting offers. Your best offer could end up walking away because they found another house.

If you have a great house that’s priced right and looks good, you only need one great offer in this market. You’ll keep everyone happy and save yourself unnecessary stress.

Call me at (913) 515-3250 or contact me here to see what it’s going to take to keep things stress-free when selling your home. I promise not to bring you 20 different offers that I have to present. I won’t put you through all that. 3 great offers will accomplish the same exact thing and in much less time.

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