You spent time and energy preparing your home for sale. You have had a broker’s open house and a Sunday open house for the public. So, should you accept your first offer when selling your home?
The answer is that it depends on several factors. First, some background:
With the advent of the Internet, buyers have instant access to newly listed properties. Serious and motivated buyers tend to be proactive. They are often among the first to make an offer on a desirable property. The first offer will likely come from buyers actively searching and strongly interested in your property. They may have already evaluated other options on the market and are eager to purchase a home that meets their needs. Buyers who make the first offer understand there may be competition from other interested parties. They may be inclined to make a strong initial offer to increase their chances of securing the property before others have the opportunity to make an offer.
It depends on many factors. One, of course, is the location of your home. If your home is in a desirable community such as La Canada, Glendale, Burbank, Toluca Lake, La Crescenta, or Pasadena, you may want to consider an offer deadline. Often the deadline is about ten days from the first showings.
I like to gauge interest on my listings in several ways: Are buyers and their agents asking when offers are due? Am I being asked if I already have offers? Am I getting a lot of inquiries about the property?
If the initial interest is good, it’s time to establish an offer deadline. On the other hand, if interest is minimal, your first offer may be your best offer and only offer. As I have been selling real estate for thirty years, I have the necessary experience and market knowledge to guide my sellers in making informed decisions. As time passes and a home remains on the market, potential buyers may perceive it as less desirable or become more inclined to negotiate for a lower price. The longer the property stays listed, the more leverage buyers may feel they have to negotiate.
Should You Accept the First Offer You Receive When Selling Your Home? It simply depends. It’s important to work with an experienced Realtor that you trust.
