Central Ohio Real Estate Market News

I’m not sure what’s going on. Maybe it’s the way the market has been the past year with it taking longer for some homes to sell. This year it seems a few sellers are putting their homes up for sale without being ready - mentally or physically - to move within 30 days.

If the seller has listened to their agent and priced the home right, and the home is in great condition and well-staged, there is a possibility that the home will go into contract quickly with the buyer asking for possession within 30-40 days. That’s always been the norm and in past years, it didn’t seem to be an issue.

When sellers aren’t willing to adjust their timing to move (give possession) within that 30-40 day timeframe, it causes all sorts of problems.

• First of all, it can cost the seller a “ready, willing and able” buyer if the buyer needs to be in the home by a certain date to meet employment or school dates or a possession date on the buyer’s current home’s contract. The buyer may need to select another home that does agree to meet their required possession date. In today’s market, sellers cannot afford to let a buyer slip away!!
• The buyer may want to lock-in an attractive interest rate to avoid a projected rate increase. They will want to close on the home quickly.
• Sellers who are being managed by a 3rd party relocation company are required to give possession at closing because title transfers from the seller to the relo company to the buyer. The purchase contract is between the relo company and the buyer, so a delayed closing isn’t even up for discussion.
• Buyers don’t particularly like the idea of the seller living in the home after closing. In some areas or states, it’s standard practice to turn over the keys at closing and delayed possession is not given. Here in central Ohio, it’s more common to give the seller 2-3 days to move out and turn over the keys. That way, the seller is assured the closing actually occurred prior to loading the truck. However, both parties need to be aware that there are certain insurance liabilities in doing this.

I’ve found that some sellers, who haven’t sold or purchased a home for 20 years or so, are still under the impression that they can stay in the home for up to 30 days after closing. NOPE, NADA, NOT GONNA HAPPEN! That’s as relevant as 50¢/gal gas!

So … sellers … when that sign goes in your yard, you need to have already made plans on where you’re going to live IF your home goes into contract quickly and you need to give possession at closing.

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