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St. George - Santa Clara - Ivins - Washington City - Hurricane
and surrounding areas.

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Do Backup Offers Really Work in Our St. George Market?



Backup offers used to be a fool’s errand in our market, but two recent developments have changed that way of thinking.

Want to see which St. George area homes are currently for sale? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You can always call us at (435) 215-4533 for a FREE home buying or selling consultation to answer any of your real estate questions.

Is it wise to write backup offers if you’re a homebuyer?

For years, we told people not to write backup offers because it was considered a fool’s errand. If they did write a backup offer, they often failed to close on the house they wanted because someone else closed ahead of them. These buyers were always seeing other homes. Every time they saw one dream home, another dream home popped up somewhere else. 

Two situations in our St. George market, however, have changed this real estate rule of thumb.

First, we have insanely low inventory—less than three months' worth. That means it would take less than three months to sell every single home currently for sale. Buyers in this case are having a hard time finding what they want to purchase. When they DO find what they want to purchase they’re often getting beat out by 1,2, even 5 other Buyers ahead of them!

UGH. How is this helpful to you as a St. George home buyer? 

Because so many folks are writing so many offers on so many homes…(that’s a lot of “so many”), many buyers are “flaking out” on the first offer they wrote. They’re writing offers on properties they’re not sure they even want just to tie the property up, then later cancelling their offer after finding a home they like better.

Enter: your backup offer, stage right!

Knowing that many of the Buyers that beat you out may in fact end up pulling their offer, you write a backup!

This means if you see a home you like and someone else has already written an offer on it: pick up the phone, call your real estate agent, and tell them you’d like to write a backup offer on that home.

 If they’re not willing to do that for you, they clearly don’t understand the current real estate market. 

Bottom line? There’s a better chance now than ever in our market to score a home with a backup offer.

Don’t be discouraged to write a backup offer—it just might work.
If you have any questions about the buying or selling process or you’re thinking about buying or selling a home yourself, give us a call. We know this town, and we’d love to help you. Our phone # is 435-216-3888 or email us at sales@gostgeorge.com.

I’m In a Real Estate Bidding War, Now What?




Want to see which St. George area homes are currently for sale? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You can always call us at (435) 215-4533 for a FREE home buying or selling consultation to answer any of your real estate questions.

After a well-known major “boom” and subsequent “bust”, the St. George Real Estate market has come roaring back in the in past 4 years, and with it? The dreaded (if you’re a Buyer) or coveted (if you’re a Seller) real estate “bidding war.” In today’s post we address what this means for both home Buyers and home Sellers, and how to best handle the situation. Home SELLERS: Navigating a Bidding War for Maximum Price and Minimum Hassle So, you have multiple offers on your home in St. George. Congratulations! That is fantastic. But what offer should you choose? The one with the most cash? Quickest closing? Nicest Buyers? Maybe. Let's discuss this for a moment. What you need to consider is what type of outcome is most important to you at the close of sale. There are three different routes you can take when this happens. Keep in mind that at The Larkin Group we’ve sold over 40 homes this year in bidding wars - so this guidance is coming from hard-worn battle experience. 1. You can accept one of the offers. You aren't required by law to respond to all offers on your home so if you see one that you cannot say “no” to, just accept it and move on. However, these things aren't usually so simple. 2. The second option is to counter each of the offers…yes as in ALL of them at once. You'll need an agent with good negotiation skills to do this, but it can pay off if you do so correctly. In this case you let the buyer know that there are multiple bids on your home and counter each with your desired terms. Even if all of the buyers accept your counteroffer, you have a designated time period to determine which of those offers you would like to accept.

Asking for everyone's best offer can tend to scare people away.
3. "Hit me with your best shot” – asking all Buyer for their “highest and best” offer. This works great when the market us ultra-hot because it drives the price up, but it also has the highest likelihood of scaring one or all buyers away. 

These are the three options you have in a sticky multiple offer situation. There’s simply no substitute for experience when it comes to charting these waters so be sure to reach out to an experience real estate Pro who’s listed and sold (different than buying) many homes.



Home BUYERS: Navigating a Bidding War for the Least Cost and Maximum Lifestyle Benefit



Buying a home is very exciting. It’s like HGTV on virtual reality steroids! ☺ You meet with a great, trusted real estate advisor, go through a needs assessment, drive all over town, look at Zillow and Realtor.com, and finally, finally find the perfect house. Only then do you find out that you are bidding against other buyers. Crap. Multiple offer situations happen all the time, and right now, bidding wars are popping up very frequently. As a buyer, how do you manage this process? 1. Breathe: Have you noticed how often you get that advice? Just breathe. That’s because when you get stressed out, you literally can’t breathe, and then your brain doesn’t work correctly. Take a minute and breathe. You’ve been thrown a curveball, but you can navigate this and procure the home of your family’s dreams. 2. Goals: Review your goals. When you got into this process, did you want to get the best deal in town? Or did you want to find the perfect home for you, your family, and your lifestyle? The fact that the home is being bid on by multiple buyers indicates that it probably is a good deal. Maybe even an insane deal. 3. Stay in/Get out: Once you find yourself in a bidding war, you can walk away or you can submit your highest and best offer. Maybe you offered $225,000 to begin with but decide to go up to $235,000 because your mortgage payment isn’t going to go up that much and you really want this house. A lot of buyers bail out because of bidding wars and miss out on home. Don’t let your pride prevent you from participating in a bidding war!

Don't miss out on your dream home.

Summary?  Buying and selling real estate is stressful business – VERY stressful. Don’t let anyone, especially a Real Estate Agent looking for their next deal, convince you that it’s not! Someone, and we’re really not sure who, said: “Nothing great was ever accomplished without making sacrifices.”  


If you’ve got further questions or would like our help on minimizing the impact of that stress, just give us a jingle! (435) 215-4533. 



3 Reasons 50% of homes never sell (in ANY market…)



Shockingly, almost half of the homes that go on the market will fail to sell. Here are three main reasons why.

Want to see which St. George area homes are currently for sale? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You can always call us at (435) 215-4533 for a FREE home buying or selling consultation to answer any of your real estate questions.


When you hire a real estate professional, put a sign in the ground, and put your home on the market, you automatically assume that the home is going to sell. However, many homes that hit the market NEVER SELL!

In fact, 49% of homes that hit the market in 2016 in Washington County failed to sell. REALLY. Why?

Three primary reasons:

  1. Price
  2. Condition
  3. Marketing



Almost half of the homes that hit the market fail to sell.



Price

Pricing your home is, amazingly, not too unlike pricing a piece of clothing in a retail store. Have you ever walked into your local Gap or Old Navy and gone STRAIGHT to the sale rack? I know – me too. EVERY TIME!

How do articles of clothing end up there? Quite simply, the were offered to “the marketplace”, and based on a variety of factors, but primarily PRICE and STYLE…they were rejected.

Will they ever sell? Yes. At some price, everything sells.

Where you DO NOT want your home… is on the sale rack. Properly pricing a home in the first 30 days of listing has statistically proven to get Sellers the most money…much more, in fact, than if they “hold out” for the “right buyer” over months or even years.

Condition

While pricing may get buyers in the door, a poorly conditioned home will send them right back out the door!

As you prepare your home for sale, remember that Buyers will most often have problems with:
  1. Your colors.
  2. Your clutter.
  3. Your dirt. Especially your dirt.


The improvements and upgrades you made for your enjoyment may not mean much to another Buyer who hasn’t been raising their children or living their life in your home!

At The Larkin Group we utilize a professional staging consult, all at our cost, to help clients prepare their home for sale. Every time. And it pays big dividends in time on market and ultimate sales price to our Sellers!

Marketing

Why did we list this LAST? Well ironically, it’s what most Sellers expect FIRST from their Realtor….and what they get LAST from their Realtor. If they get it at all.

Marketing is the “story” we tell about your home. Think “depth”….how GOOD we tell the story, and “breadth”, how WIDELY we share that story.

According to Borrell Media, the average real estate agent spends just $400 per month. Per month. Can we put that into perspective?

At The Larkin Group we spend nearly $3000.00 per month pushing our listings to the top of Zillow Trulia….alone. That doesn’t include Radio, pay per click (google) advertising, a host of websites, our YouTube channel, paid Facebook marketing….

A great question for your Agent: “How much do you spend on marketing monthly? (answer). Great! Show me.” Don’t let them make a claim without backing it up!

So there you have it – the 3 reasons nearly 50% of homes never sell! We’re baking cookies here folks with your home…..if we leave out the vanilla or baking powder or sugar? It’s going to be a BAD cookie. Be sure that the St. George Real Estate Agent you hire to sell your home is including ALL of the three ingredients above for the most profitable and timely home sale!

Questions about selling or buying a St. George home? Give us a jingle at (435) 215-4533, or just shoot us an email to sales@gostgeorge.com

Happy home selling!