By Ron Wynn
How long will it take you to find a buyer? This is one of the most common questions asked by sellers these days, and yet it’s one of the most difficult questions to answer. In order to appreciate why it’s so difficult to answer, one needs to appreciate where buyers come from and how the buying decision is made. A listing of mine recently sold within 12 days from the date first listed. Needless to say, that was very exciting, considering that the average market time in the neighborhood was 67 days. Not every property is a hot property!
The interesting question is, had we not sold it to this one specific party, how long would it have taken before the next buyer came along? Would the wait have been 2 weeks or 6 months? Would the price have been more, or would it have been less? Would more open houses have lessened the wait time? Would a better social media campaign make the difference? Would a targeted financial demographic Eblast be the answer? Would print media in a national magazine have brought the right buyer? Truth be told, there is no answer. Every listing is different. Sometimes if the property appeals only to a very specific buyer, it can just take time and sometimes there may be 6 buyers ready to pull the trigger even before a Sunday open house.
Looking at a specific case a little closer, visualize a buyer being born. The birth process might, for example, take a total of eleven months. In a specific case, it began with our buyers selecting a neighborhood that they really fell in love with. Expecting to be able to buy quickly, just as soon as they were able to sell their existing home, our buyer promptly listed their Hollywood Hills home. Sometimes the market is flooded with buyers, but not every home sells in a week.
Within the 6-month listing period, they had not received a single offer, but not discouraged they signed up again. Still with no sign of a buyer after another 4 months, our clients began shifting their plans to adding on another room and just calling it quits. Suddenly, just 3 weeks before the termination of their listing, a buyer shows up, qualified and able, but insisting on closing the escrow in 6 weeks’ time. Spellbound by the idea of receiving a reasonable offer, they accept it with no other home secured.
I was in the right place and at the right time. My listing was bright, clean, freshly painted and priced to sell. My owner was educated and recognized the way in which this buyer was born. With very little negotiation, a meeting of the mind was reached, and the rest is a happily ever after story. The seller understood that his might be their only great opportunity until the next buyer is born, which is often out of everyone’s control as to when that might happen.
Buyers who are out on the street just casually looking, who have no motivation, may be looking for the impossible and heaven knows what it might take to get them serious. These days, a motivated seller needs to meet up with a motivated buyer and then a transaction is made. When that buyer who is ready to pay market value shows up, you need to be receptive and understand that the market has spoken if you are serious about selling.
As an agent for over 30 years, my job has changed in many ways. Our full-service advisory also focuses on pre-marketing, home preparation, staging, and design coordination. For information please email me Ron@RonWynn.com.
