Seller’s markets come and go. If you’re trying to sell your house in NJ during a seller’s market, that means you can get multiple offers for your property. On this post, we will talk a little bit about how you should be reviewing these offers, and how to maximize your earnings out of it in New Jersey!
The definition of a seller’s market is quite simple: there are more buyers than sellers. Meaning, the inventory of houses is low, and the demand for houses is high. For seller’s, it’s an amazing time to sell your house fast in New Jersey, as you may get a much higher asking price! You might also as well get multiple offers for your house, which might be confusing.
So if you’re selling your house and you receive multiple offers, it might get tricky and overwhelming to pick one. Fortunately, there are 4 things you can do to help ease the burden and approach your multiple offers to your greatest advantage…
How To Review Seller’s Market Offers In New Jersey
First, sort the offers into those who are ready to buy and those who are buying contingent on something else. Not that you have to discard the contingent group, but it’s much easier and faster to work with someone who is ready to buy no matter what. Some of these contingencies might include the buyer being able to get a mortgage, or being able to sell their house first.
Second, pick your priority – either the speed of the sale or the price. (For some sellers, a faster sale is more important than a higher price). If you have to deal with an urgent issue like a divorce, foreclosure, inherited a property, is being relocated to another state, or anything else, selling your house faster might be your choice.
- If speed is important to you, sort the offers by the ones who are closest to the timeline you want to move in.
- If price is important to you, sort the offers by the ones that are highest to lowest in terms of price.
Third, if you have multiple offers sorted out that matches your preferences listed above, then sort those that don’t have additional conditions like a determined moving date, or request to fix the house. The more conditions a buyer adds, the more work it may be for you.
By the end, you’ll have a pile of offers – at the top will be the ones that offer the best speed or price (whatever is more important to you), the least conditions, and are ready to buy right away. And at the bottom are those who aren’t ready to buy because they have contingencies.
Once you’ve sorted your offers this way, start working through them from the top, making counter offers from a position of strength!
If this is overwhelming or if you don’t have as many offers as you’d like, or if you don’t have the offers that you want, there is another way to sell: you can sell directly to us at Orange Sun Investments.