3 Things That Can Dramatically Affect Your Home Sale

Los Angeles and South Bay Real Estate Video Blog with Lenny LaRocca

If you have to relist your home because your previous transaction fell out of escrow, there are three things that can dramatically affect its sale.

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We are in a highly competitive seller’s market right now. The ball is in the seller’s court, which means that most of the time they can choose which offer to accept, the closing date to settle on, and which improvements will be made to the house prior to the sale. However, it’s important to remember as a seller that you don’t go too far and cross the line. There are many factors that can affect the sale of a home while in escrow. For one thing, interest rates can change and bump the buyer out of contract. The buyer’s financing may also fall through due to a financial hardship or a loss of employment. The appraisal could also not come in as high as the agreed-upon price. All of these examples are good reasons that sellers and buyers work together to make sure the sale is completed. Be advised that though the market is good, inventory levels have risen a little bit. Part of that can be attributed to the end-of-year holiday cycle, but buyer demand is still high and sellers can still negotiate the best deal for them.

A buyer in hand is worth two in the bush.

Should a transaction fall out of escrow, though, there are three factors that can dramatically affect your ability to resell your property: 1. Because the property was in escrow and off the market for two to six weeks, it’s not

considered “fresh” in the eyes of buyers.

2. Statistically, the next offer you get will probably be lower than your original offer.

3. A new buyer means you have a whole new set of circumstances and a new inspector
who may recommend different repairs on top of the ones you already made for the
previous buyer.
Even though we’re in a strong market, we like to remind our sellers of the following adage: A buyer in hand is worth two in the bush. Even though the adage doesn’t quite apply, the message is clear. If you have any questions about things that can affect your home sale or you have any other real estate needs, don’t hesitate to reach out to me. I’d be glad to help you.