As realtors, we often hear the advice that you should never accept the first offer when selling a property. It’s a common myth that many homeowners believe to be true, but is it actually the best advice to follow?
Let’s start by looking at why this myth exists. The idea behind it is that the first offer is often lower than what the property is worth, and if you accept it, you could leave money on the table; and who wants to do that? The theory goes that by rejecting the first offer, you can send a message to potential buyers that you are serious about getting a fair price for your property and that they should come back with a higher offer if they’re serious about buying.
While there may be some truth to this theory, the reality is that rejecting the first offer is not always the best strategy. Here are a few reasons why:
You may not get a better offer.
In some cases, the first offer you receive may actually be the best one you’ll get and for some, maybe the only offer you will get. If you reject it in the hopes of getting a higher offer, you may end up waiting for weeks or even months for another offer that might never come. If you’re a seller who has a tight timeline and needs to sell by a specific date, working with or negotiating that first offer may be the best option you have.
You risk losing the buyer.
If you reject the first offer, you are running the risk of alienating the buyer and sending them to look at other properties. If they find another property they like during that time, they may decide to make an offer on that one instead. These buyers may have their own timeline that they need to find a place by and when you turn them down the first time in hopes of waiting out something better, you may lose them.
The market can change quickly.
The real estate market is constantly fluctuating and can sometimes be very unpredictable, and what seems like a good offer today may not look as good in a few weeks or months. If you wait too long to accept an offer, you may find that the market has shifted and that you’re no longer getting offers as good as the first one. That first offer that you receive may not be the exact price that you were hoping for but you never know how the market will change and effect other offers.
So, what should you do if you receive a good offer on your property? The answer is simple: consider it carefully. Look at the offer in detail and consider whether it meets your needs and expectations. If it does, don’t be afraid to accept it or at least negotiate. Remember that the goal of selling your property is to get a fair price based on your needs and expectations and the current real estate market. If the first offer achieves that goal, then there’s no reason not to accept it or if it’s just a little off what you expected, talk to your realtor about your goal and start negotiating.
Of course, every situation is different, and there may be times when rejecting the first offer is the right strategy. However, as a general rule, it’s important to be open-minded and flexible when it comes to selling your property. Don’t let the myth of never accepting the first offer blind you to the potential benefits of a good offer. Trust your real estate agent and your own instincts, and you’ll be well on your way to a successful sale.
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