Once again, despite the Fed raising interest rates, we find ourselves with low inventory and competing buyers for homes in King and Snohomish counties.  This means it is more important than ever to have a review period when selling your house. 

What is a review period?  It is a period of time from the moment you put your home on the market, to the time you agree to review offers.  Its purpose is to get as many buyers as possible exposed to your home, in an effort to create a bidding environment to drive the price up.  A typical review period is a few days to a week.  Should encompass at least one full weekend (most buyers have to work to afford your home and that usually is during the week, you want to give them a chance to view your home).

When should you not have a review period in a Sellers market?  Never.  Unless of course you are not interested in maximizing your profit or can’t afford to even wait one week for the proceeds of your sale.

It also has the side benefit of allowing the market to “do its thing” and gives you valuable information regarding price.  If you go a full week review period and get no offers when the average selling time in your area is 7 days, that tells you something. Can you guess?  Yup, you are most likely overpriced.  Conversely, if you get multiple offers, that tells you the market is accelerating and by having that review period you are reaping the benefit of not underselling and maximizing your profit.

Keep in mind the seller can always choose to ignore the review period and take an aggressive attractive offer.  Just realize in a hot market, there is a good chance there may be someone willing to pay more. 

Questions?  Feel free to call me anytime.  Put 40 years of experience representing sellers to work for you.  Don’t leave money on the table.

Fred
Designated Broker
The Doner Group
206-551-0070 - cell