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16 WHO'S WHO IN REAL ESTATE THURSDAY, MARCH 31, 2016 SANTA CRUZ SENTINEL The red hot seller's market created by scarce inventory and multiple offers seems to be hav- ing an unexpected cooling effect in the market. Any number of life changes can require or inspire the desire for a new home; an empty nest or aging parents can mean less or more space is needed. But these days, as brokers and agents, we are hearing that some sellers fear finding themselves joining the competitive buyers' pool, in the fight for a replacement home. While it can be great to sit in the seller's seat with buyers outbid- ding each other for your prop- erty, but putting profits in play as a prospective buyer in the com- petitive selling market is an en- tirely different experience. Working with a strong real estate professional this conun- drum is not insurmountable. A good agent will write a counter offer with a "Contingency of Pur- chase" clause, where the sale of the home is contingent on the seller finding another home. Once the buyer is in contract, sellers typically have 21 days to find their replacement home. However, it is possible to extend this time through negotiations with the buyer. Another option is to extend escrow and request ad- ditional time to stay in the prop- erty, called a "rent-back." These techniques give sellers time to find their next home and feel good about the transaction. In a hot market, some buyers are willing to make such accommo- dations to win their dream home and sleep easy, knowing they're under contract. by Quincy Virgilio, Chairman MLSListings Seller's Market Makes Some Sellers Balk at Listing