Do you accept the first offer on your house or wait and see what comes up? That’s a good question.
it’s important to carefully evaluate the first offer on your house by considering factors such as offer strength, market conditions, your timeline, and professional advice. Assess your specific situation and weigh the pros and cons before making a decision whether to accept the first offer or not is something most home sellers ask themselves. The decision is totally up to you. But here are some key consideration points that might help you out before you make the call.
Make sure you consider the circumstances
You’ve prepared your home for sale, you’ve done your due diligence, and you’ve put up your house for listing. And just like that, you’ve received your first offer immediately. What do you do now? Should you take it or wait and see? The truth is that it depends on many factors and It’s essential to weigh these factors and consider your unique situation.
For instance, if your home has been on the market for 30 days and you’ve only now received your first offer, it might be a good idea to accept it or counter it. On the other hand, if you’ve received the first offer immediately the moment your house hit the market, then maybe being patient could be the answer. Take your time, consult with your real estate agent, and make sure you make the right decision.
Understand your buyer’s journey
Another thing to consider when deciding whether to accept the first offer is your buyer’s journey. What is their strength? How far down the pre approval road has the lender gone? Are they going to be able to perform on this contract?
By understanding the buyer’s strength and journey you can get a better understanding if the offer you received is an offer worth accepting. Working with a knowledgeable real estate agent like us here at Soukup Real Estate Services can also provide valuable insights and guidance throughout the process.
Compare offers side-by-side
It’s possible that you will receive multiple offers on your house. So, it’s important to look at them side-by-side and see what is going to net you the highest number as well as give you the most appealing selling terms.
When you receive your first offer, there are three things you can do as a seller: accept, counter, or decline it. It’s up to you to make the final decision. If you receive multiple offers though, you may explore “calling for offers” and setting an “offer deadline.
It’s critical to work with experienced real estate agents who will have your best interest at heart and not their bank account. While accepting the first offer can be the best path to success, it is definitely the quickest path to close and some times that isn’t the most profitable for you as the seller.
Here are the 3 things you need to consider when accepting an offer:
Time on the market: If your house has been on the market for a while without much interest, the first offer might be tempting. However, if it’s just been listed, you might want to wait and see if other potential buyers come forward with potentially better offers.
Future market conditions: Consider the state of the real estate market and whether it’s expected to change in the near future. If there are indications of a slowing market or decreasing prices, you might want to seriously consider accepting the first offer.
Terms and conditions: Analyze the terms and conditions of the offer. Look beyond just the price and consider other factors such as contingencies, closing dates, and any special requests from the buyer. These can affect your decision as well.
Ultimately, it’s crucial to balance your financial goals, market conditions, and personal circumstances when deciding whether to accept the first offer on your house. If you need any help with listing and selling your home, feel free to reach out to us. At Soukup Real Estate, we help sellers get top dollar for their property as well as ensure the process goes as smoothly as possible.
