What is the Lifecycle of a New Listing?
What happens when a home first hits the market?
The first thing the public normally sees is the sign in the yard, the home is on the multiple list service (MLS) and it is officially “on the market”.
If a home is priced well and properly presented, it can attract offers in a week or two. The savvy buyer needs to know what typically happens in these first weeks.
This is when the latest listings are open for the agents and brokers and is often the first chance anyone has to see a new listing. They are generally not advertised to the public, but the list is easily available from your agent. Most agents will allow unrepresented buyers to view the home during the Broker Caravan.
In Glendale the Broker Caravans are on Wednesday, 10 – 1 PM, Pasadena is Thursday 10 – 2 PM, and La Canada and La Crescenta Broker Caravans are on Tuesday 10 – 2 PM.
Public Open House
Most people are familiar with the open house. The list is widely available from public real estate internet sites or from your agent. In this area, most open house events are Sundays, between 2 PM and 4 PM. There are some held open outside those hours and less predictably some are open on Saturday. It is best to check the internet sites or your agent to plan your viewings.
Buyer can submit their offers at any point, and it is very important to find out what the plan is for each individual home. The following is a typical scenario in today’s current marketplace in Glendale.
Most homeowners want to wait until after both the public open house and Broker’s Caravan is complete before considering offers. They want to make sure a good majority of active buyers have seen their home before accepting an offer.
If there are multiple offers it can take a week, sometimes a bit more, to complete negotiations. Additional offers can be considered during this time. If there is only one offer and it is strong (reasonable price, good terms and well qualified) the process can be resolved in a day or two.
Everything is highly individual! It is critical that you or your agent communicate directly and frequently with the listing agent on the plan for any individual home.