Why, do sellers/agents enter listings in the MLS but delay showing the home for several days?
3850 Hartford was listed in the MLS yesterday. It is NO SHOW until 1PM on Sunday, April 17th.
The low inventory in Tower Grove South means there are many more people interested in buying than there are homes to buy. It is the very definition of a Seller’s Market. In fact right now, if you map the neighborhood and look for homes listed between $250,000 – $300,000 there is only ONE active listing: 3850 Hartford.
By delaying viewings until Sunday’s open house, the sellers are leveling the playing field for all buyers. Alternatively, if the sellers would begin taking showings now, then the first person though would have an advantage over all other buyers. By advertising the listing and delaying showings, the sellers are ensuring that all of the people interested in viewing 3850 Hartford will get the same opportunity.
True, this home will likely end up with multiple offers. From the buyer’s perspective, there may be competition. But the alternative would be not being able to compete at all. If the seller took an offer from the first buyer who was able to arrange an appointment, then none of the other people interested in viewing would ever get the opportunity to see it or compete.
The delayed showing is often viewed as frustrating but it is the only way to guarantee everyone access.
What are the best ways to get my offer noticed in a competitive situation?
- Tell the seller who you are. No need to be sappy. Just give them a little background in a succinct note to be presented with your offer.
- Put your best foot forward. Do not count on receiving the chance to increase your offer later.
- Allow seller some choice in closing date.
- Increase your Earnest Money deposit.
- Allow your pre-approval letter to show your true buying power. Show the seller you are more than qualified.
- Be prepared to remove the appraisal rider.
- Write an offer contingent only on inspections and financing.
- Stay alert and be ready to engage in some negotiation if seller chooses your offer. There may many terms in your offer that makes the seller want to choose your contract. However, they may others items (which you are willing to change) that make your offer less appealing. In that case, wouldn’t you prefer to hear from the seller in a counter offer versus having your offer skipped?
- Add a meaningful escalation clause. Escalation clauses tell the seller you are willing to pay more than the next highest offer. If your contract says you will pay $250 more than the next highest offer, that isn’t very compelling to the seller. So if you plan to add an escalation clause make it meaningful. Make it hard to pass up.
Good luck in your home search!
We hope to see you at this Sunday’s Open House April 17th from 1-3PM