Is the first offer really the best offer?

There is an old adage in real estate that the first offer you receive on your home is often the best offer, but is it really true?  To be honest, it's hard to say, but if the offer comes quickly it very well could be your best offer.

Think of it this way, when your home first goes on the market, all the buyers that have already been hunting for a home like yours will come and see it in the first few days.  After that, you have to wait for new buyers to come into the market, so the first buyers are often the most motivated.

As a seller there are things you can do to evaluate if an offer is fair:

  • Look at the comparable sales.  How do they honestly compare to your home?
  • What is the absorption rate like in the area?
  • How much competition do you currently have?
  • What are the relevant facts of the offer?
  • How is your traffic (are showings increasing or tailing off?  how about web traffic?)
  • What is happening with the market as a whole?  Are sales/prices/inventory levels increasing or decreasing?

While these won't tell you for certain if you're making the right decision it is certainly better than making an emotional decision based on what you think you know about real estate and the market.




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Eugene Hallan

Eugene Hallan

CENTURY 21 Lloydminster Realty
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