Light speed: When houses sell before the open house

In a hot market many properties sell fast - some even before the first open house! As I’ve previously written, that’s not always best for the seller, though.

When I represent sellers, my advice is to wait until after the first weekend to accept an offer. There is a risk that if no other offers materialize the original offer may diminish, but on average you’ll do better by exposing your property to the full market. If someone is interested on Friday, they should still be interested on Monday, and perhaps willing to improve their offer in the face of competition.

But how often do sellers accept early? More than you might think! Faced with an attractive offer, many sellers prefer the proverbial “bird in hand.”

Over the past 12 months in Brookline, approximately 12% of the time sold properties had an offer accepted before the first weekend was over. (65 of the 559 condos, single-families, and multi-families in Zip Codes 02445 and 02446.) It’s a little less common in Newton, with ~8% accepting before Sunday Night Football is even over.

So what does this mean for buyers? Preparation is key if you’re interested in the type of property that is likely to sell quickly. You might lose your dream home if you’re not ready to pounce. You simply don’t know when your dream home will come on the market.

The good news is that I can help. If you’re even considering buying in the next year or two, your best move right now is to have a chat with me. Together we will form a winning strategy.