While real estate can seem complicated, there is a logical progression helpful to selling an Oregon home and it’s truly as simple as 1-2-3. The process between buyers and sellers is routinely described as a kind of dance, so let the waltzing begin.
There are plenty of related tasks associated with any real estate transaction, yet the key process that gets homesellers a workable offer can be simplified to three primary steps. Then, once a mutually accepted offer is in hand, the phase to close the sale begins. But the fundamentally crucial elements start long before that.
Curious? Here we go:
1. Online activity ——-> 2. Showing activity ——-> 3. Offer Activity
This process looks simple and in a way, it is. So let’s break it down.
The Home-Selling Waltz, Step by Step
First, it’s helpful to realize that buyers generally behave in somewhat predictable phases. This means they routinely go to Step 1 before Step 2 or Step 3. There is very little skipping around. For example, it’s uncommon for a buyer to start at Step 2, or leave out any steps. You’ll soon understand why.
It’s also important to know that if your homeselling efforts are ‘stuck’ at a particular step in the process, a professional Realtor experienced in diagnosing such issues can be invaluable in saving you time, effort and money!
Step 1. Online Activity
Recent statistics show that more than 92% of homebuyers search online for their next home, often before they even contact a Realtor. And though 90% of homebuyers hire a real estate professional, they frequently continue their search online, while their agent matches properties to fit their needs.
Even Batman Doesn’t Have This In His Utility Belt
Homesellers have a helpful tool in their utility belt, since online buyer activity can be monitored to evaluate buyer response, or lack of it. That valuable tool is a daily report on buyer activity for your specific property.
As a result, your Realtor can provide you with regular updates on buyer Internet activity on your home from a variety of sources. Some of these key sources include Realtor.com and the local multiple listing service. This data gauges if your property’s popularity is really ramping up, falling fast or simply ‘meh.’
Realtors who invest resources in subscribing to these proprietary services can easily track your home’s online popularity and determine overall buyer response with various tools to monitor Internet buyer activity.
Step 2. Showing Activity
The jump from online home searching to touring inside homes is a significant one. Since agents commit considerable time and effort and are usually paid only after a buyer purchases a home, this typically means touring buyers have also been pre-qualified by a lender. In other words, we’re now in the realm of a qualified home purchaser, who is ready, willing and able to buy. Research shows that the typical home buyer searches for 10 weeks and views 10 homes.
Step 3. Offer Activity
The final leg in this three step journey is when an offer is written and submitted for the seller’s consideration. By writing an offer, this step also helps to confirm that the property is likely priced within a reasonably market-friendly range. For example, wildly over-priced homes don’t usually get much more than ‘low-ball’ offers, if any.
The End of the Beginning
There is still plenty to do after Step 3, but an acceptable offer places the process into the remaining phases of a real estate transaction. These can include things like escrow, home inspection(s), a preliminary title report, appraisal, loan documents and closing.
Thinking about Selling?
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