I wish I had a nickel for every time a client had told me,
“We have to sell our home to be able to buy another, but we don’t want to list our home for sale just yet. We do want to start looking at potential replacement homes right away. When we find the right one, we will jump on listing ours quickly.”
The problem with this strategy is, when the right home comes along, if a buyer were to make an offer, the Seller may bulk and reject that offer if the buyer’s home, that needs to be sold before a different purchase can occur, isn’t listed for sale on the Multiple Listing Service (MLS). Here are some of the reasons sellers are less likely to accept contingent contracts in which the home that needs to be sold is not yet listed for sale.
Sellers do not want to take their home off the market and risk missing out on a buyer who has a better, maybe not contingent offer. This is especially true in a market such as ours today, where inventory is low and sellers have a distinct advantage. Another downside of listing your home on the run is how it positions you in a fight against the clock to get your home sold. That may mean you may have to make concessions you may not have made had you taken the time to prepare and list your home in the best light possible.
Here’s how you succeed and accomplish your goal in this sticky situation if you really don’t want to list your home while looking:
Have the Talbot Team do all the preliminary listing work such as: the initial consultation, staging instruction and guidance, professional photos, 3-D imaging, initiate a website for your home; as well as, line up and prepare all listing marketing and social media advertising to have all listing details staged and waiting. This way, when you find your dream home, you will be ready to list your home quickly.
Additionally, a “Coming Soon” sign on your home creates great market anticipation. When calls come into the Talbot Team phone lines, we will add those names to our “potential interest” list, and when the home comes to market, this waiting list will have first crack at making offers. This strategy creates an atmosphere of exclusivity, as if only a select few will have the opportunity.
In the case of a contingent offer, there is a certain comfort as a Seller to see that the buyer’s home that needs to sell, is listed on MLS as active, competitively priced and sparkling. As always, The Talbot Team will work out the timing with your goals in mind and is ready to assist you with all your real estate needs, whether buying, selling or both at the same time.