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Home Sellers, Don’t Count Your Chickens Before They Hatch

Are you a home seller who has become excited because your neighbor’s house is in escrow?  Remember that it’s not sold until it’s sold!

Summer has arrived with a renewed interest from home sellers eagerly trying to sell their home.  In a normal real estate market, the summer marks a time in the year where the real estate activity peaks as buyers seek to find their new home before the new school year begins.  Conversely, home sellers anticipate this increase in activity which can help to sell their home.

Obviously, this is not a normal real estate market.

What I have been noticing lately (the last couple of months in particular) is that homes with equity are coming to market and getting offers (often multiple offers) and coming off of the Active market rather quickly.  These homes enter the Pending or Backup Offers status and supposedly open escrow.

But weeks and weeks go by, AND the home comes back on the Active market again.

What I suspect is happening is that buyers are not being able to secure proper financing, the homes are appraising too low for the bank, or eager sellers (and their agents) are so excited to get a solid offer that they will accept an offer from a buyer who is contingent upon selling their current home.  There are more scenarios which cause homes to come back onto the market, but these are the most common ones.

If you are currently a home seller or are anticipating placing your home on the market, please be careful when pricing and comparing your home to your competition (neighbors).  You should only consider Sold homes within the last 3 months and within a ¼ mile radius of your home.  Yes, you need to know what other Active and Pending homes are listed at in your community, but…

Remember that it’s not sold until it’s sold!

If I can be of any assistance to you in buying or selling your home throughout the Santa Clarita Valley, please contact me.