Putting your best offer forward

The median number of days on market for houses in St. Paul is around 12 days. Considering inspection periods are often ten calendar days long that means that half of St. Paul homeowners are accepting offers after their house has been on the market for two or three days.

There are houses that stay on the market for a few months before the seller accepts an offer. Often those homes are priced too high.

It is a frustrating time for home buyers, especially during the spring which is when there are more people buying houses.

There are a few things that make offers appealing to sellers

  1. Offers that are at least full price. (make sure the house is priced right)
  2. A pre-approval letter from a lender
  3. Large downpayment or all cash.
  4. Short inspection period
  5. Conventional financing
  6. Flexibility on the closing date
  7. Offers that are not contingent on the sale of another house.
  8. Short inspection period (I can not recommend skipping the inspection)
  9. Earnest money

Houses for sale get the most attention from buyers in the first few days on the market.

There are more houses on the market now than there were a few months ago but we still have a shortage of homes for sale. During the great recession, we flipped to a city where there are more renters than homeowners.

Home buyers should be prepared to make a few offers.  Being the first to make an often means that the seller will let all interested parties know there is an offer and it will be leveraged to get more offers quickly.

Sellers who just listed their house are often reluctant to accept a full priced offer the first day. They are always wondering if an even better offer is just around the corner. Asking too much for a house usually results in the house being on the market for months.

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