How to Review Seller’s Market Offers in Minneapolis St Paul (And Around the 55404 Zip Code)

Seller’s markets come and go. If you’re selling your house in Minneapolis St Paul or around the 55404 zipcode during a seller’s market, then you might get multiple offers. Here’s how to review seller’s market offers in Minneapolis St Paul…

A seller’s market is when there are more buyers and fewer properties. For sellers, it’s an exciting time to sell because you may be able to get a higher asking price. You might also get multiple offers on your house at once. In business, they call this the law of supply and demand.  When your supply for something (houses) is lower then the demand (house buyers) you have a buyers market.

If you’re selling your house and you received multiple offers, you might be asking yourself, “now what do I do?” Although multiple offers might be exciting to receive, it can also be overwhelming. Fortunately, there are 4 things you can do to help ease the burden and approach your multiple offers to your greatest advantage…

How To Review Seller’s Market Offers In Minneapolis St Paul

When planning out what offer you want to accept, look at it in a way that makes the most sense to you and for you to get the best buyer that will actually buy the house for the highest amount and least amount of effort.

First, in figuring out how to review seller’s market offers, sort the offers into those who are ready to buy and those who are buying contingent on something else. Some people put offers on houses contingent on them getting approved for a mortgage or contingent on them selling their house.

You don’t have to discard the contingent group but it’s often easier and faster to work with someone who doesn’t buy based on a contingency.

Second, sort the remaining ones based on which is more important to you – either the speed of the sale or the price. (For some sellers, a faster sale is more important than a higher price). Of course, both are important but usually one will be more important than the other to you. It can be a little bit of a balancing act to work your way threw the offers.

  • If speed is important to you, sort the offers by the ones who are closest to the timeline you want to move in. On average home buys, today are closing on the houses in 45 days.  If you get one offer at 30 days and the other is 60 days with everything else is equal the faster closing offer may be the best.
    • Selling a house to a professional home buyer outright is always the fastest way to close on a house.  check out this post on, sell your home fast in {market_city] for how it can be done.
  • If the price is important to you, sort the offers by the ones that are highest to lowest in terms of price. Remember price can be a little deceiving.  For example, you may get an offer on your house for $200,000 from buyer #1, buyer #2 comes and offers $205,000 but wants 3% seller paid closing points.  The second offer seems at first to be the better offer, but after you do the math you find out that you as the seller will be paying $6000 in closing cost.  At the end of the day offer #3 nets you $199,000.  So, you see here that offer #1, even though it looks lower price is actually a better offer for you. You will learn fast how to review seller’s market offers to your advantage.

Third, if you have several that match your preference above (such as: if you want to move by the end of the month and you have several offers that work within that timeline) then sort by the ones that don’t add any conditions. The more conditions a buyer adds, the more work it may be for you.

By the end, you’ll have a pile of offers – at the top will be the ones that offer the best speed or price (whatever is more important to you), the least conditions, and are ready to buy right away. And at the bottom are those who aren’t ready to buy because they have contingencies.

Once you’ve sorted your offers this way, start working through them from the top, making counter offers from a position of strength! As you sit down to review the offers you start to understand that you are the one in control of what offer makes the cut.

If this is overwhelming or if you don’t have as many offers as you’d like, or if you don’t have the offers that you want, there is another way to sell: you can sell directly to us at Minnesota Cash Home Buyers.

We buy houses in the 55404 zip code and all around the Minneapolis St Paul area. Get in touch with your office at (612) 444-5088 or click here and enter your information to get a fair cash offer from us today.

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