Did I list my home too low?

Brett Slattery

 Q: We recently listed our home at the price recommended by our Realtor. It went “live” on the MLS Saturday night. By Monday morning we had multiple offers and accepted a full price, cash offer. Our Realtor did an amazing job with the photos and description of our home. But still, given that it sold so quickly, we can’t help but wonder if we listed it too low. What do think?

 A: Congratulations for selecting a Realtor that understands the importance of great photos and a good description, and who is also willing to apply the efforts needed to accomplish this.

 Given what you have told me, and some additional research, it is not surprising that your home sold within 48 hours. It was priced correctly. The photos and description gave your home a strong presence on the web and that’s where most buyers search today.

 Here are some MFR MLS statistics that will probably surprise you. In the first quarter of this year, Realtors sold 1,360 single family homes in Charlotte County.

 7% percent of these homes sold in 2 days or less. 15% sold in 5 days or less. And 26% sold in 10 days or less. So as you can see, it is quite common that homes priced and marketed correctly sell quickly.

 Here are additional insights into the mechanics and technologies that facilitate quick sales in today’s market.

 It is common for a Realtor to have a list of buyers who are actively searching for a home. The Realtor inputs this list of buyers into the Multiple Listing Service (MLS). For each buyer, the Realtor enters the buyer’s email address and the criteria of what the buyer is looking for such as 3 bedrooms, 2 baths, a pool, etc.

 When Broker Deb enters a new listing into the MLS system, it becomes immediately available to tens of thousands of other Floridia Realtors who share the same system. The MLS system automatically scans the criteria of every buyer of every Realtor in the system. If Broker Deb’s new listing matches the criteria of any buyer in the system, the MLS system generates an automatic email notification to those buyers. The notification provides complete details, photos, maps, and other information about the listing.

 The real-time ability of our MLS system to broadcast new listings to a global, targeted audience of buyers looking specifically for homes that match their criteria best explains why it is so common for correctly-priced homes to sell quickly today.

 For buyers, the lesson to be learned here is that the early bird gets the home. Inventories remain low and demand remains high. So if you are a buyer, check your email frequently for new-listing and price-reduction notifications. Alert your Realtor immediately when see a listing that peaks your interest to minimize the chances of a multiple offer competition.

 Q: Our home just went pending. We have never sold a home before. We forgot to tell our Realtor that we have a mortgage. Is this going to be a problem? How do I handle this?

 A: Assuming your proceeds at closing will exceed the mortgage payoff amount, and that there are not unusual circumstances surrounding your mortgage, this should not be a problem. Here’s how it works.

 The title company that is processing your closing will obtain the loan-payoff amount from your lender. At closing, the closing agent will deduct this amount from your proceeds and wire it to the lender. A few weeks after closing, the lender should mail you a refund for any surplus in your impound account (for property tax and insurance). So be sure your lender has your new mailing address.

 Brett Slattery is broker/owner of Brett Slattery Realty llc in Rotonda West. Reach him via (941) 468-1430, Brett@BrettSlattery.com, or www.BrettSlattery.com.