A question our clients often ask is whether or not they should accept the first offer they receive for their listed property. Of course, every situation is unique and all factors should be carefully considered when determining whether or not to accept any offer. However, as a general rule of thumb, we tend to advise our clients to consider the possibility that the first offer they receive could be their best offer. We caution our clients about rejecting the first offer too quickly because we’ve seen many cases where it took weeks or even months for another offer to come in. And, in many cases, that second offer was inferior to the first (rejected) offer.
We also know that there is a particular group of buyers out there – Zillow refers to these buyers as the “Real Dealers” – who have done their homework, know what they want, and in many cases are even pre-approved for financing. They are just waiting for the right property to come on the market. And when it does, they tend to make a very competitive offer.
The bottom line?
We encourage our clients to give themselves permission to seriously consider accepting the first offer they receive. And if it comes very soon after the home goes on the market, even better! We tell our clients that a good offer that comes in early in the game is an indication that we’ve priced their home correctly and properly positioned it in the market.