Thursday 20 June 2019

Take your first offer seriously, whether you accept it or not

When your house is up for sale, it doesn't matter whether you have been listed one day or one year. You should always take even your first offer seriously, especially if it is in the range your real estate agent has told you to expect.  Even if you are going to decide to send a counter-offer, you should never discount the offer as unimportant just because you are newly listed.

It is too easy to give in to the temptation to hold firm because there is no sense of urgency, particularly when the offer is coming in very soon after listing.  But there is never any guarantee in the real estate market that you will get another offer soon, or ever get a better offer than the first one.  I've seen this play out myself, from both buyer and seller side.

Of course, there are always exceptions to the rule. Like if you're listed at a price your agent feels good about and the first offer comes in 20% or more below.   Still, the buyer and the agent have time invested already, so it is generally worth at least trying a counter-offer even in this scenario, unless there is some indication that an offer may be coming from another buyer.  But it is risky, too, to count on an indication of an offer which may or may not materialize.

Discuss the options with your real estate professional and weigh your options carefully.  But always take even the first offer seriously.  It just might be the only one you get.

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