Signs of an eager seller
There are many reasons why a seller may be motivated to sell their home as soon as possible. They may have accepted a job offer in a different city or perhaps the property has been passed down through family and the new owners want to sell and split the proceeds. Here are a few tips for spotting an eager seller.
Ask about the reason for the move
It’s a reasonable question to ask a seller at an open house or the selling agent of a property. Situations such as a divorce, relocation to another country, or moving in with ailing parents are indications that the sellers are hoping for a quick transaction.
Multiple price drops in a short period of time
Reducing a listing price that hasn’t garnered any offers is an expected action during the home selling process. Most sellers are usually reluctant to reduce their price too quickly, while patient sellers might remove their listing and wait for a change in the market in the hopes that they’ll attract a buyer at a higher price later. But not if the seller is motivated to move. Impatience may lead eager sellers to reduce the price of their home again and again in a short period to hasten the transaction.
Listing an empty house
A seller or family may have already had to move due to one of the urgent situations we’ve described above. Furthermore, empty homes may indicate a seller that’s likely juggling two mortgages and will be anxious to offload the additional monthly payment through a quicker sale of their old home.
A crowded house
Those that have outgrown their starter homes will be eager for the additional space and bedrooms to accommodate their growing families. A stressed family that has maxed out the capacity of its current home will be eager to sell and upgrade for space. Look for bunk beds in rooms or a crib in the master bedroom. Also remember that families with school-aged children will be eager to sell and move well before the school year begins.