Ask a Wahi REALTOR®: What Shows a Seller Is Aiming for a Quick Deal?

The term “motivated seller” should be music to a homebuyer’s ears, but how do you spot one? It’s not always obvious. Here are seven signs a seller is aiming for a quick deal.

By Josh Sherman | 2 minute read

It’s hard to overstate the importance of timing when making real estate decisions.

From seasonal swings to longer-term cyclical market trends, knowing when it’s the right time to purchase can make a big difference. A well-targeted offer could save a savvy buyer tens of thousands of dollars — or more.

In addition to historical and macro-economic trends, seller intentions figure into the timing equation. If an owner is highly motivated to sell, that could signal that it’s an opportune moment for a buyer to pounce and get the best deal possible. 

Determining whether a seller is aiming for a quick deal is not an exact science, but there are some indications to look out for.

In our latest edition of Ask a Wahi REALTOR®, our broker of record, Anne Alkok, tells us what signs suggest that a seller is aiming for a quick deal. 

1. The home is vacant. 

If a home is vacant, the seller is likely to be more motivated to sell. It could be a secondary property that isn’t earning rental income, and with each month the carrying costs are mounting. Vacancy may also indicate that the seller has already entered into an agreement to purchase their next home. In that case, they might feel pressure to sell their existing home to obtain financing.

Tip: When visiting the home for a showing, you can try to gauge whether it is currently being lived in. Obvious signs of vacancy would be empty rooms or boxes packed with belongings. However, even if the home is furnished, it may be heavily staged.

2. The listing says so.  

Sometimes, you don’t exactly need to read between the lines to determine a seller is aiming for a quick deal. It could be spelled right out in the listing. “The listing agent may directly communicate their intentions to sell or include the use of phrases like ‘quick possession available’ or ‘motivated seller’ on the MLS listing,” says Alkok.

3. The property has been re-listed.

If a home is back on the market after a prior deal fell through, the likelihood that a seller is aiming for a quick deal increases. Through the Wahi platform and app, house hunters can see the listing history for every home for sale.

4. The list price seems low for the market/neighbourhood. 

“If the listing is priced below market value, it could be an indicator that the sellers are willing to accept a lower price in exchange for a quick closing,” Alkok explains. However, she cautions, this is not always the case. “This could also be a listing strategy to generate multiple offers,” she continues.

Tip: The highlights section of every listing on the Wahi platform contains an estimated value to better inform homebuyers. While there are many reasons a property could be listed below value, there is the possibility that it’s a sign of a highly motivated seller. This is especially true in smaller, more stable — or even cooling — housing markets. 

5. The home has been on the market for months. 

Every home’s listing history tells a story. If a home has been sitting unsold on the market for an extended period of time, that story is potentially one of a highly motivated seller.

Note that each market is different. What’s perceived as a long time in some market segments may not be true everywhere.

A good place to start is looking at the average days on market for the specific property type and area to see how the listing compares.

Time of year is also a factor. Typically, the spring and fall are known to be the best time for sellers to list a home in Canada.

Outside of the busy fall and spring seasons, buyers could encounter more motivated sellers in the market. After all, buyers who can afford to wait might have chosen to pull their listings until the next favourable selling season arrives.

6. The home comes with lots of extras.  

Motivated sellers can attempt to sweeten the pot by throwing in a variety of extras. Examples of such inclusions range from furniture, accessories, or gym equipment up to bigger-ticket items, such as boats or ATVs. If you’re looking for a seller who is aiming for a quick deal, keep an eye out for listings with lots of extras advertised.

7. Power of sale. 

“A foreclosure or power of sale could also be a situation where a quick closing is preferred,” notes Alkok.