Navigating the Property Sale Process: Timing and Strategy

Selling a property is a significant decision, and timing can play a crucial role in achieving the best possible outcome. In this blog post, I will explain scenarios where selling your house too quickly or too early in the sale process might not be the best strategy. I'll share an example from a recent auction to illustrate this point.

Understanding the Sales Journey

When you put your home on the market, several factors come into play. In our recent auction, the house started with an auction guide of $650,000. Within the first week and a half, we received offers reaching into the $700,000s. Our campaign saw offers rise to $760,000, leading us to adjust the advertised price guide accordingly.

The Value of Waiting

Even though we had offers within the range that the owner was happy with, we decided not to sell before the scheduled auction date. By waiting, we allowed more potential buyers to enter the picture, which created competitive tension among bidders.

Case in Point: Our Recent Auction

On auction day, after three weeks, the highest offer stood at $760,000. Reviewing the bidding record, it became evident that most of the high-end bidding was driven by two particular bidders. Interestingly, bidder number twelve saw the property only a few days before the auction.

Had we accepted an early offer at $760,000, we would have missed out on this last-minute interest. Bidder number one had been present from the beginning and had made several offers early on. By combining the interest and competitive tension created by both bidder number one and bidder number twelve, we managed to drive the final sale price up to $815,000.

Lessons Learned

This example underscores a crucial lesson: early offers that meet an owner's expectations within the first week might not represent the property's true market value. It's essential for agents to have confidence in the campaign's progression and a keen sense of market dynamics.

An agent should provide guidance and insight into the evolving landscape, ensuring that the property is exposed to as many potential buyers as possible. This strategic patience can maximize the final sale price.

Conclusion

Selling your property is about more than just accepting a good offer; it's about maximizing your returns by waiting for the right moment and creating competitive tension among buyers. I hope this provides some insight into timing and strategy when selling your property. Thanks for reading, and best of luck with your property sale!