(More) Signs of a Seller’s Market
I would never counsel a Seller to list their home with the condition that any sale is contingent on their finding another home.
What Buyer wants to enter into a deal not knowing when — or even IF — their Seller is able to find their next home?
What if the Seller is looking for the proverbial needle in a haystack?
What if the Seller needs to get the “deal of the century” — and will pass on anything that isn’t?
Especially during the busy Spring season, when housing activity is at its peak, the opportunity cost for a Buyer waiting on such a Seller can be intolerably high.
Perhaps that’s why I’ve never represented a Buyer in a deal who’s agreed to such a clause.
Do-Able — But at a Discount (Usually)
But that doesn’t mean some Sellers don’t condition their home sale on finding another.
Typically, they need to substantially discount their selling price to make such a clause palatable to Buyers.
However, I’ve now heard of not one but three multiple offer situations — in the last week — where the Sellers successfully negotiated deals with Buyers who agreed to wait.
Yet one more sign that, at least for some homes in some Twin Cities neighborhoods, we’re still very much in a Seller’s market.
P.S.: The real question I have for the three Sellers (above): how much more would they have gotten for their homes without that condition?
