A growing trend in the Niagara real estate market is the addition of "deadline offers" to Niagara homes for sale. This stipulation in the listing means that any offers for the home must be submitted by a certain date and time, and all offers will be reviewed at that time.
Here's our guide to deadlines for offers and tips on whether you should use one or not.
What You Need To Know About Offer Dates
An offer date, or offer deadline, is a set day and hour at which point no offers will be accepted. Typically at this time the seller reviews all the offers that have been submitted. Some sellers, however, may reserve the right to review offers as they come in. Sellers are not obligated to select one of the offers at the time of the deadline and it is possible to counteroffer, even with an offer deadline.
Some buyers may actually prefer offer deadlines, as they may not feel rushed into an offer, knowing the deadline is a day or two away. This usually benefits sellers too, as it means the offers that do come in are from serious, committed buyers.
Deadlines can be set for anytime, however they are typically short, between 1 and 2 weeks, in order to create the maximum amount of buzz around the home.
Why Are Deadline Offers Becoming Common?
Attaching deadlines for offers to a listing is usually only done if a seller believes there will be a lot of interest in their home. If not, the more traditional route of reviewing offers as they come in is used. Thus, in sellers' markets, deadlines are more common.
Deadlines help motivate buyers to put their best offer forward, because the possibility of negotiation is removed from the process. This is an important change, as traditionally buyers might make a low first offer knowing their final offer will be higher. In this way, offer deadlines help give the seller peace of mind knowing that in a short time they'll see the best offers for their home.
Should You Use A Sales Offer Deadline?
The Niagara real estate market has changed, slightly, but is still a sellers' market. Home values in Niagara have continued to rise, year over year. So sellers should be confident if they want to add a deadline to their listing. In the end, it comes down to personal preference and what your own goals and expectations are for this large, important transaction. You should work with an experienced local realtor to help you determine if an offer deadline is right for you.
If you're interested in learning about how an offer deadline may impact the sale of your home, contact the Schwenker Homes Team today. Cam and Raiana would love to talk to you about your goals and objectives for selling your home.