01/13/2025
Story time! 📖
The winter time can bring on a slower real estate market. It’s not uncommon to see houses taking 30, 60, or even 90 days to sell. Sometimes this can lead buyers to think they have a lot of time. Time to look, time to think, time to prepare. This is partly true, but there can be risk in lacking urgency when it’s needed. As we say in real estate “Time is of the essence”. ⏰
I recently had a client who found a house they loved (Yay!). They were considering making an offer but they wanted to think about it for a while. After about a week, they decided to make an offer (Let’s go!). But wait… they didn’t have their preapproval done yet (Shoot.). Submitting an offer without a preapproval is very rarely actually considered, so I strongly encouraged them to get that wrapped up asap so we could make a strong offer, so they didn’t lose the house.
Fast forward another week, I'm informed there is another offer on the table that had about a day timeline on it (another shoot!). The next day, another offer came in (seriously?!). Two weeks ago, there was nothing going on, and here we are, now up against 2 other offers. My clients still really wanted the home, but they hadn’t applied for a loan yet, thinking they had more time. We went ahead and submitted an offer without the preapproval. I worked every angle to showcase my clients financial stability and we put forth a really strong offer to the sellers. Ultimately, the sellers went with another offer. They likely didn’t want to risk not having a preapproval, and if I had to guess, our offer got used for leverage to get a higher offer from one of the other buyers (this is what happens in multiple offer situations!).
Obviously this was a huge bummer for my clients and it was not fun filling them in on the news that their offer didn’t win. Within the next day, they applied for the loan and got their preapproval so they will be ready on the next one. 😀
I wanted to share this with you just to illustrate that a slow market doesn’t always indicate you have all the time in the world to think/prepare/fill in the blank...there is also still the chance of multiple offers. This is because most buyers are playing the waiting game, and the average days on market are EXPECTED to be higher. ***Time is of the essence*** no matter the season or market conditions! 🎯