In the Uptown and Garden District areas of New Orleans there are more buyers for properties that come on the market that are in excellent condition and are in a good location than properties. What this means is that when a house comes on the market there are a multitude of showings and multiple offers. All of this is a good thing for sellers in this area however it seems to me that there is a better way to handle selling these homes than is currently being done.
What is happening now is that buyers are being pulled away from work, made to drop everything all to go view a home that just came on the market. People are busy at work and can’t just drop everything, couples who both work have to try to coordinate a viewing at the drop of a hat and there is a lot of pressure on buyers to not miss a house that might be for them. Buyers are pressured to put an offer in and then maybe back out because the pressure was on and it is better to make an offer and then decide during the inspection period then miss an opportunity. I am not sure this is in the buyers or even the sellers best interests. Buyers are pressured and sellers may not be allowing enough time for every buyer to come in and preview the house.
Yesterday a house came on the market, a buyer rushed in to see it and gave the seller 4 hours to respond to their offer. Pressure on the seller and it might not be their best offer but they will never know unless they continue to show the house and allow time for more buyers to put in offers.
So, it seems to me why not put a house on the market and then state that all offers will be reviewed on “such and such date” leaving a one week window for buyer’s to view the home. Even better is going through at least one weekend with the notation that all offers will be reviewed on “Sunday at 7pm”. This way buyer’s will have an opportunity to view the home without the pressure of dropping everything and seller’s can then leave the time for all buyers to preview their home and without this extreme pressure decide if they want to put in an offer rather than putting in an offer and then backing out because they were not given the time to think through the purchase.