Seller’s markets come and go. If you are selling your house in New Jersey during a seller’s market, then you might get multiple offers. Here is how to review seller’s market offers in New Jersey…
A seller’s market is when there are more buyers and fewer properties. For sellers, it is an exciting time to sell because you may be able to get a higher asking price. You might also get multiple offers on your house at once.
If you are selling your house and you received multiple offers, you might be asking yourself, “Now what do I do?” Although multiple offers might be exciting to receive, they can also be overwhelming. Fortunately, there are 4 things you can do to help ease the burden and approach your multiple offers to your greatest advantage…
How To Review Seller’s Market Offers In New Jersey
First, sort the offers into those who are ready to buy and those who are buying contingent on something else. Some people put offers on houses contingent on them getting approved for a mortgage or contingent on them selling their house.
You do not have to discard the contingent group but it is often easier and faster to work with someone who does not buy based on a contingency. Sellers typically prefer offers without contingencies as they can lead to a smoother and quicker closing process. However, if you receive multiple offers and some are contingent while others are not, it may still be worth considering the contingent offers based on their overall terms and your priorities as a seller.”
Second, sort the remaining ones based on which is more important to you – either the speed of the sale or the price. (For some sellers, a faster sale is more important than a higher price). Of course, both are important but usually one will be more important than the other.
- If speed is important to you, sort the offers by the ones who are closest to the timeline you want to move in. Keep in mind that a faster sale can sometimes mean a lower price, so weigh your options carefully.
- If price is important to you, sort the offers by the ones that are highest to lowest in terms of price. However, be cautious of offers that are significantly higher than the market value, as they may have other conditions or issues attached.
Third, if you have several that match your preference above (such as: if you want to move by the end of the month and you have several offers that work within that timeline) then sort by the ones that do not add any conditions. The more conditions a buyer adds, the more work it may be for you.
Additionally, consider the nature of the additional conditions. Some conditions, such as a request for minor repairs or specific contingencies related to financing, may be reasonable. However, offers with complex or extensive conditions, such as requests for major renovations or unusual demands, may warrant more careful consideration.
By the end, you will have a pile of offers – at the top will be the ones that offer the best speed or price (whatever is more important to you), the least conditions, and are ready to buy right away. And at the bottom are those who are not ready to buy because they have contingencies. And that is how to review seller’s market offers in New Jersey.
Once you have sorted your offers this way, start working through them from the top, making counter offers from a position of strength!
If this is overwhelming, or if you do not have as many offers as you would like, or if you do not have the offers that you want, there is another way to sell: you can sell directly to us at Beacon Realty Investments.
We provide a fair, no-obligation cash offer, buying houses as-is without any fees or commissions. Our transactions are swift, typically closing in just 30 days or less. This means you get all four essential elements in one deal – immediate access to liquid funds eliminating the need for contingencies, a fair offer, fast transactions, and no additional conditions, fees, or renovations required whatsoever.