Dear Michael: My agent suggests we hold off accepting offers on my home for another week. We are anxious to sell and do not want to lose the buyer. Can you tell us if this is the protocol?
Answer: We are currently in a seller’s market. There are more buyers searching for homes then homes available. The early activity your agent receives on your home is enough to suggest if he/she will be in multiple offers. Multiple offers are back! And they are the best situation for a seller. It often times drive the sale price over asking. If your agent suggest waiting a few days or even another week in order to market your home to as many potential buyers as possible, then why not! If a buyer is interested in your home , he/she will still be interested in a week.
Dear Michael: We are buying a new home. The seller asked if he can store his belongings in the garage for a period of 2 weeks after the close of escrow. We don’t mind if she does but would like to know if there is any risk involved.
Answer: If you don’t need the garage space and trust that your seller will move out her personal belongings out as agreed after the close of escrow, than I don’t see any problems with allowing it. Make sure that the terms are outlined in writing and that the move-out-date is also indicated. You may also charge a refundable security deposit if you are worried that he seller will not have her belongings out of the garage on time.
Dear Michael: My neighbor and I have very similar condos. He just listed his condo for sale at a lower price than mine. I am not sure how this will affect my condo. Can you please let me know what I can do to compete with him?
Answer: Unfortunately there is only one thing you can do. Price your home at the same or lower value then his…You may not like my suggestion but this is the only honest recommendation I can give you. The good news is that a strong real estate market such as the one we are experiencing, will pretty much guarantee you a buyer as long as your condo is “well priced.” If you don’t want to lower your price then hope that your neighbor sells his condo quickly so you no longer have to compete with him. Only problem is that if a prospective buyer looks at the comparables he/she may conclude that your condo is overpriced. Your other option is to take your property off the market for a few weeks and wait until his condo is in escrow to list yours.
Michael Kayem is a Realtor with Re/max Estate Properties serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310-390-3337 or email them to him at: homes@agentmichael.com