Home Selling in Austin>Question Details

Abc, Home Seller in Austin, TX

Reasking about sell date

Asked by Abc, Austin, TX Fri Aug 24, 2007

We are trying to choose a realtor to sell our home. One says expect a lower price if we ask the potential buyer to move the date back to match our move in date to our new home. Another says expect fewer potential buyers but no effect on price. Both say put on market soon but we have 2 months before we will have another place to live. Who's giving us good advice?

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18
Hi ABC:
Kudos to Sylvia for breaking it down - the timeline she provided was EXCELLENT. Once you do the math, and assuming you sell immediately after listing you have a couple worry free days in a suite hotel to do some shopping for new furniture and window treatments!

Who's giving you good advice? Which one gives you the confidence that he/she will sell your home? If the answer is "neither" go shopping for another choice.

Get someone who will explain the absorption rate in your particular neighborhood and get the skinny on the average "days on market". This will determine if two months is enough time one way or the other...
3 votes Thank Flag Link Sat Aug 25, 2007
hi abc:

I am SO glad that you gave all the details about your question. Nowe I can answer it. I think it will depend on your market. I am in Marin, usually a very hot market, but it has slowed down some. How's Austin's market? Still super hot?

Anyway, since you have 2 months before you have another place to live and you have not even put your house on the market yet, I would not worry too much about having the bueyrs move their move in date.

By the time you put your house on the market assuming it's two weeks from now, and assume you get into escrow within a week; the norm to close an escrow here is about a month if we don't rush it, then you are very close to your moving date.

When you have a contract in hand, then depends on how close you are to your move in date, you can eitehr counter the close of escrow date to your move in date or you can put in a clause saying that you want to reserve the right to potentially rent back the property until your move in date. Also, if the dates you gave in your question is accurate, you will be close to your move in date, you just might want to get a hotel and stay there for a few worry-free days to relax after all the stressful time!

You might want to make sure your builder is ontime.

Good Luck,
Sylvia
3 votes Thank Flag Link Fri Aug 24, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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ABC
Put your home on the market NOW! Price your home to SELL.
I do not know who is giving you good advice. You say you have only two months? Price it to sell now! cross the closing date bridge after you have a offer.
Go with the Realtor who offers the most service. Go with the Realtor who has a plan. Go put your house on the market, tomorrow!
3 votes Thank Flag Link Fri Aug 24, 2007
Mr.P, Other/Just Looking in Arizona
MVP'08
This is too hard to predict. The markets are in turmoil now. I'd put my home on the market sooner than later and negotiate the moveout date when you get an offer. You can put in the listing information a target moveout date. I'd be surprised if you get many offers that want to close inside of 30 days. So if you need to move in two months for an ideal situation putting it on the market NOW would give you 30 days to get a contract.
Web Reference: http://www.teamlynn.com
2 votes Thank Flag Link Mon Aug 27, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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I think both these realtors are giving you both good advice and bad advice.

First, they are giving you good advice in that they are recommending that you put the house on the market now. But their answers as to what to expect from buyers is misguided- moving the date out is a non-issue for you at this point.

Let's say you put your house on the market tomorrow. As others have mentinoed, the Austin market has slowed recently. Unless you are pricing your house very competitively you likely won't see an offer right away. So, assuming you are pricing your house in the middle of the road, ,lets say you go under contract in 30 days. The buyers might ask for a close date about a month out- but they might even ask for longer.

Ultimately, the soonest you should realistically expect your house to close would be two months- just in line with your move-in date. It may be longer. That is a concern you should address with whatever realtor you choose as well.

I don't know if that helps you choose between these realtors. They ultimately should be able to help you leverage your goals (avoiding two mortgage payments, selling as quickly as possible, getting the most money for your house) against current market conditions (inventory on market, absorption rates, etc)
2 votes Thank Flag Link Sat Aug 25, 2007
Hi Abc I am in Austin as well. First off I would put the house on the market as soon as possible. Before I thought you were in the middle of negotiations. If you are upfront that you can't move out for 2 months I dont think it should be too much of a problem. In Austin closings usually happen in 30 days but frequently buyers could wait another 30 days and it would not be that much of a problem. I would be happy to talk with you about your house and how to market it and how long I would expect it to sell depending on the neighborhood you are in.
2 votes Thank Flag Link Fri Aug 24, 2007
In you particular situation, I would agree with the other comments. I don't think you have anything to worry. You should be more concerned about escrow falling out than closing too early. With only two more months to go, it's unlikely that you'll close before that anyway. What will happen if the sale of your house will take longer. Will you buy the other house regardless or did you purchase the new house contingent upon the sale of your current home?
Web Reference: http://www.go2kw.com
2 votes Thank Flag Link Fri Aug 24, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Abc,
I would say that in a good market, your house may not be ready to close in 60 days. You will most likely not be concerned with the closing date being to early. You may find it not here quick enough. Even strong markets are feeling a little sluggish these days. I would not think you would need to worry about a lower price. If you listed tomorrow and got a contract it usually takes 30 days to get to closing. You would be asking for less than 30 more days. It is not like you are asking for 6 months. Unless that are involved in a transfer from another area, most buyers won't see that as a hurdle! I would negotiate it up front though so they know your terms. I would even have the listing agent put in the remarks of mls no closing before X date
2 votes Thank Flag Link Fri Aug 24, 2007
Hi Abc,
Fewer potential buyers = an effect on price! So, both Realtors have a valid point. However, I don't believe
the risk to you outweighs the benefit. You have a move-in date for your new home, so either ask for a
close of escrow date that coincides with that, or ask for a rent-back from your buyer so that you can stay
in the home until your new home is ready. The cost and inconvenience of two moves trumps the other issues, unless the buyer makes you an offer you cannot refuse.
2 votes Thank Flag Link Fri Aug 24, 2007
Based on today's market, put it on the market now.

You do not know when an offer will arrive.

It could sell tomorrow or 6 months from now. When the offer comes in be prepared to negotiate. Ultimately it would be far better to have your buyer in hand. If you cannot reach agreement on occupancy consider a double more.

If you new house is ready and you do not have a buyer can and are you able to close on the new house?
Web Reference: http://pamwinterbauer.com
2 votes Thank Flag Link Fri Aug 24, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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If I had a potential client who had to be out of their house in 2 months the last thing I would do is recommend they selll it FSBO! Where is live there is between 12 and 24 mos supply of houses. One zone has a 35 months supply. You need to reach as many buyers as possible as quickly as possible. List with a good marketer, price it competitively based on what the comps say and what other houses in your area are selling for, and pray for an offer to come in ASAP. Two months is nothing in real estate time.
1 vote Thank Flag Link Wed Sep 5, 2007
I say don't hire either. I have an idea that no REALTOR will like. Put a sign in front of your house "For Sale By Owner" for 15-20 days and slap an add on craigslist. See what kind of interest you have and then determine which route is best. The bottom line on this is that with the lending market in a crunch it is hard for even the most seasoned investors to get financing so look for your first or even second offer to be snagged by some sort of lending snafu, which if you start now, should play itself out over the next 60 days.

I hope this helps, and REALTORS please don't thumbs down this. ABC is genuinely confused.
1 vote Thank Flag Link Wed Sep 5, 2007
Lower price drivers more viewers and possibly more "multiple offer" situations. Get the buyers there and let the drop an offer. You don't have to accept it and can counter....
1 vote Thank Flag Link Wed Aug 29, 2007
Put your house on the market as soon as possible. The market prices for homes is a depressed, and some homes are taking longer to sell; hence the recent report that there is now a record number of homes for sale in the U.S. One major factor that determines how quickly a home will sell is the price. To get a high price on the market price range for your home, it may take longer to find a willing buyer; price at the low end and you will develop high traffic, which comes with offers. The general rule that I follow in Real Estate is, "Everything is negotiable," this includes assumption dates. Moving dates generally don't affect price, unless it causes a hardship on one of the parties. List your house on the low end of the market and you'll generate enough offers to control the process, including your move-out date. Good Luck!
1 vote Thank Flag Link Tue Aug 28, 2007
Abc ... to be able to assess who is giving the best advice requires more information. Have you closed on your next home? If not, is the financing on the next home contingent upon the sale of your current home? To what extent are you willing or able to have overlapping mortgage payments (0 months, 1 month, 2 months max)? What neighborhood is your home in and how fast are things selling right now in that area? Is your home in the top 30% of homes in your neighborhood as far as appeal / features and how will you price it ... bottom third, middle third or top third? In a softening market, the best sale position would be top 30% appeal / features and bottom third price if you want a quick sale otherwise you're only helping your neighbors sell their homes. 60 days out is pretty much minimum in every neighborhood in Austin right now. The homes that are selling faster are the coolest and are priced competitively. You may not have time to try a higher price as the first few weeks on the market is considered the best time to get your best offers.
1 vote Thank Flag Link Mon Aug 27, 2007
Dear ABC,
I would list it for sale sooner than later. With the issues with the stock market the pool of qualified buyers has shrunk slightly. Also the mortgage lenders have tightened up on loan requirements, so you may need more time to find a qualified buyer. Just because you go under contract does not mean you have to "close" the deal imeadiately. Some buyers will agree to wait 2-4 months to close the deal to please the seller. Waiting a month to close does not mean you should give up the farm. The point is it is all about negoitating the deal you want. That is part of what your Realtor should be doing for you. Please call me if I may be of service to you.

Sincerely,
Betina Foreman- Realtor Austin Texas
0 votes Thank Flag Link Thu Oct 9, 2008
My suggestion would be to get it on the market. If you are looking at 2 months, depending on where it's located it may take that long to get a contract. It's better to get it sold than to be 3, 4, 5... months down the road and not have it sold. Better to price it right, get it sold and worry about temporary housing when the time comes. A temporary leaseback is always a negotiable option.
0 votes Thank Flag Link Sat Nov 10, 2007
This will depend on the location of your home. if the market in your neighborhood is strong it may have no effect at all. And when you do list, i would make sure you disclose in the listing that you are looking for a 2 month close. Good luck
0 votes Thank Flag Link Thu Oct 18, 2007
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