I know what I am about to tell you sounds unbelievable. After all my years in the real estate business, I have reached a definite conclusion. The first offer that you receive on your home is almost always the best one that will ever come along regardless of how long your home remains for sale. When you see this statement, you may think that it looks like a self-serving idea proposed by a Realtor® who wants to make a quick sale.
The only reason I make this point is because I have seen it happen time and time again. Of course, it is easy to discount a quick offer or at least counter it because you feel sure that others will come along.
After all, “We have hardly had the house on the market for any time at all. If this offer came so soon, there must be others.”
Not necessarily so, sometimes, an offer comes quickly because a certain buyer has been waiting just for your style of home to come along. It could also be the result of someone who wanted to live on your street to be near friends or relatives. The most motivated buyer is a person who likes living in a certain area, but wants a larger home in the same immediate location. This buyer is eager to stay close by and may pay a higher price to remain here. I myself had three transactions just like this in 2015.
Many sellers who get quick offers feel that they can do better. So, they reject the first offer and wait for the next. They wait and wait and wait. After a couple of months with no new offers in sight, they begin to wonder if they did the right thing by rejecting the first offer. Perhaps they acted too hastily. Some owners even try to find out if the buyer is still around and interested in the original deal.
Finally, there is nothing to do but begin reducing the price in order to stimulate new interest in the property. After considerable time and anxiety, the seller agrees to a sales price somewhat lower than the first offer made soon after the home was put on the market.
ADVICE: Take the advice of your Realtor®. Price your home correctly at the outset and be prepared to take a good long look at your first offer before dismissing it out of hand.
