We are all to familiar with the multiple offer scenarios when it comes to offering on the house you want. In fact just this past summer, there were still bidding wars. Now inventory did increase in the late summer of 2018, and yet depending on the price point, we heard of 10-100 offers being submitted for one house. How crazy is that?
And your agent has seen the notifications that says “all offers must be submitted by 5PM on Sunday.” or better yet,”highest and best offer only.” All of these notifications are designed to benefit the seller not you the buyer.
Well, what if we told you not to submit any offers on the weekend? Some may think we’ve lost our minds. It’s a fact that 88% of buyers start first by looking online. In fact if you can avoid shopping for your dream home on the weekend, you’ll be amazed at the lack of competition.
We’ve successfully implemented this tactic for a number of our clients and in all but one case has it worked. Let’s take a closer look at how the day and time of the week plays a critical role in your offer and its chances of being accepted. A young newly wed couple was referred to us to help them locate their dream home in Little Elm. Our first question at he consult was can you look at homes during the week? The answer was resounding yes.
We take the time to help clients buy right! And that includes the day of the week and time of day. Now how and why is that important when it comes to having an offer accepted. Turns out this young couple knew what they wanted and knew the area of town. So after a search, they found the “perfect” home. Move in ready, nothing to do and they told us they had to have this house and to do whatever it takes to insure their offer is accepted.
One of the reasons we got into this business was for moments just like this one. Pressure is on, their hopes and dreams rested with Bob and Lyn. We submitted a full price offer without asking for the moon and stars. And we did at 5PM on a Wednesday. We also knew the owner had an open house scheduled for the weekend.
For a traditional house between $250-300K, Wednesday has proven to be the best day of the week to submit and receive an offer. It’s simply paying attention to what the seller is asking for and delivering it. It works best if you make a full price offer. That places some doubt in the seller that holding out for the open house and a higher offer may in fact result in losing the first and only full price offer.