If the findings of a survey conducted by Coldwell Banker are on point, this summer should be an opportune time for home sellers.
According to the firm’s data, more owners are receiving multiple bids, and a larger percentage of sellers are closing within two weeks of listing.
Since 2014, more than one in four sellers nationally — 28 percent — sold their home in less than two weeks, Coldwell found. The National Association of Realtors recently reported that the median home sold in 39 days during April 2015.
The survey also found that 47 percent of sellers are receiving multiple offers since 2014 — a number of which are above asking price. During the past year, roughly 27 percent of sellers reported receiving at least one offer above listing price.
The possibility of achieving this equates to more sellers considering multiple offers, rather than accepting the first. During the recession and initial recovery nearly 60 percent of sellers took first offers. Since 2014, 46 percent have taken the initial offer.
Multiple bids and offers above asking price aside, the survey found that home sellers are more likely to choose an offer based on emotion rather than money alone.
“There is a notable difference in seller psychology today compared to 10 years ago,” said Budge Huskey, president and CEO for Coldwell. “During this recovery, sellers are more aware that their home, which played such a critical role in their lives, will have the same emotional impact on the next occupants. Home sellers often want to feel emotionally connected to the buyer.”
Prior to the recession, roughly 20 percent of sellers accepted an offer based on “emotion” rather than money alone. From 2006 to now, the number rose to 36 percent.