The honeymoon period is most commonly known as a short time period after a couple has married. The broader definition according to Dictionary.com is: “any new relationship characterized by an initial period of harmony and goodwill.”
Experienced real estate agents recognize that there exists a honeymoon period during which it is important that the parties come to an agreement. The phenomenon I have found is very much like a new romance. Buyers have the most goodwill towards the home and Sellers early on in the process. If the negotiations gets sticky or mired down too much in the details then they start to feel that it will be difficult to “harmonize” with the other party. The rational part of the brain often kicks in and people start to question whether it was “meant to be.”
This positive aurora I’ve found most often lasts about 24-48 hours. Many times Purchasers write a deadline into an offer to buy a home. The reasoning frequently cited is that they don’t want the Seller and the listing agent to shop the offer around. In many cases it is deeper than that. After that time period passes they are not sure they will still “feel the love”. Once the home is under contract, it is a lot like “being engaged”. The parties become connected to each other and feel a greater commitment than just during the offer stage.
As a professional agent it is beneficial to help Sellers recognize this emotional component. At the listing appointment and in subsequent conversations, alert Sellers to the “time is of the essence” aspect of the contract. It can be helpful to prepare Sellers in advance the likelihood of this happening in order to speed up the process.
In the 1,500 plus real estate transactions that I’ve been a part of through the years, at least 80% ratified within 48 hours. There are no hard statistics to back up the data, experience though speaks for itself.
Karen Briscoe, Lizzy Conroy, Jenny McClintock and the team of agents at HBC Group at Keller Williams would be delighted to assist with your real estate needs, whether selling or buying a home. The group of active and experienced Realtors® in the Northern Virginia, suburban Maryland and Washington, DC marketplace consider it their mission to improve and impact lives. Please contact at 703-734-0192 or www.HBCGroupKW.com.