COLUMN: Realty Report

Steve Kraght
Posted 7/11/17

Jefferson County’s hot real estate market has led to significant appreciation, buyer anxiety and a seller’s market.

One other effect we have begun to see is multiple offers. There are several …

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COLUMN: Realty Report

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Jefferson County’s hot real estate market has led to significant appreciation, buyer anxiety and a seller’s market.

One other effect we have begun to see is multiple offers. There are several misconceptions about the seller’s responsibilities in these situations. The following are some “rules of the road” to consider.

Misconception 1: Sellers must accept the highest-price offer.

Price is only one of several terms that may or may not be important to the seller. Examples include cash versus financing of the purchase, buyer’s possession date, inspection and other contingency timelines. Buyers should also consider the seller’s wants and needs. Highest price does not always win.

Misconception 2: Sellers cannot reveal the terms of other offers to a buyer.

Sellers are allowed to handle multiple offers in any manner, which includes revealing details of any offer to all buyers. While sellers may set the rules in these situations, it is always important to consider the buyer’s feelings and fairness in the transaction.

With this market trend, the Northwest Multiple Listing Service (MLS) has allowed sellers to post an “offer review date.”

While this is often used in the Seattle market, it is rarely used in Jefferson County.

However, if this real estate market continues to favor sellers, this may change.

Lastly, it is extremely important in this market for sellers to work with a Realtor.

Choosing a listing price, responding to multiple offers and making critical decisions throughout the process are best done in close consultation with a trusted real estate professional.

(Steve Kraght, president of the Jefferson County Association of Realtors, works at John L. Scott Real Estate in Port Townsend.)

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