Don your nerd glasses with me for a moment. Here’s an easy chart that shows Middle Tennessee’s quantity of property closings over time (the green line). Also plotted is a line that shows how many properties went under contract during the same period (the yellow line).
Spring and summer are typically frenzy seasons for real estate (easily seen by the recurring peaks and valleys in the is graph), a trend we call seasonality. And since most real estate transactions take around 30 days from contract close, it makes sense that the peaks and valleys of properties closed runs shortly after the trend of properties under contract (the two lines are slightly offset left to right).
But observe the most interesting detail in this chart: the quantity of closings is typically less than the quantity of contracts. When a buyer and seller agree on a contract, the transaction ends up closing the vast majority of the time, but it’s never a guarantee. When a contract fails, something didn’t align. Perhaps the home inspection went poorly, the parties couldn’t agree on repairs, or maybe the house didn’t appraise at the right value. Developing the right listing strategy (or buyer’s approach) is key to avoiding these pitfalls and proceeding to a successful closing. List your home near fair market value. Decide early on to take care of deferred maintenance. Clean, declutter, and paint. These are all basics for attracting the right buyers who want to close successfully and on time.
Of course, you’ll need to find an experienced real estate advisor who has a detailed process so you can focus on your move rather than stress over the details. If you can’t tell by my long winded emails and nerdy talk, detail-oriented is my hyphenated middle name! 😉 For buyers, I meet every inspector on site to assess the inspection report. For buyers and sellers, I meet every appraiser on site with a list of suggested comparable properties to support our contract price. I check in every week with the lender and title companies to make sure the right people are ready to close your transaction on time. It’s not hard to submit an offer or list a property; where an agent provides the most value lies in managing those critical days from contract to closing.