Should I accept the first offer?

By July 27, 2016Selling

When your home first hits the market, you’re in the best possible position to get strong offers from motivated buyers. Many sellers believe that if they accept an offer earlier in the campaign, they may be missing out on higher offers that could come later in the process. But this isn’t always the case.

In the northern suburbs, there’s currently a shortage of homes for sale compared to buyers looking to purchase and this means they’ve likely been looking for the right home for some time. As a result, you’re more likely to get good offers upfront from buyers who are tired of missing out. When homes are marketed correctly and priced fairly, offers will usually be just around the corner.

Every offer should be treated with careful consideration, regardless of the timing in the sales campaign. If an offer is too low compared to your expectations then you have every reason to refuse it or to begin negotiating. Speak to your selling agent when any offer is made and be clear minded about comparable homes to yours and what they have sold for.

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When you get an offer, you should always ask yourself:

  • Is this close to what I had wanted?
  • Is this offer realistic?
  • What is the advice of my selling agent?
  • How necessary is it to sell now?
  • How likely am I to get another offer like this?
  • What is making me want to refuse the offer?

While sellers do have the upperhand in today’s market, buyers are still going to be looking at multiple homes simultaneously. Real estate is fast moving and you should not expect interested buyers in week one to continue negotiating for long or to make another offer down the track.

Be prepared from day one of your home hitting the market for strong offers and know what it would take to make you accept. With this in mind, you can make clear, rational decisions for the best result.

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