Sales

I’ve got a great offer in my first week, should I take it or wait for more?

The market has changed immensely over the decades and what was old practice has been replaced with a modern way of buying and selling real estate. In a market like our current, where prices are pushing the envelope and records are being set week in week out, generally the quicker the sale the better the price.

Whenever an offer comes within days of going to market it always brings up the question on whether there is a possibility of getting more. It’s only natural to want more, after all you’re trying to get the best price you possibly can. But the way in which the market has changed is people are putting there best foot forward in the beginning because even though you’ve just come to market with your property, they’ve been in the market for months trying to secure a property and from week to week leaving auctions unsuccessful.

There are many factors that need to be taken into consideration when you are in this dilemma. Mostly you need to be guided by your agent. As each property is individual and have different circumstances surrounding the campaign, it’s hard to list everything you need to bear in mind. Though some of the basics are as follows.

Don’t be greedy. This is the number one reason sellers lose thousands or tens of thousands of dollars by the time they sell. In most cases, if someone makes an offer in the beginning and you reject it, by the time you come to the end, they’ve moved on. If they were your emotional buyer and were offering you a higher than market value offer, the likely hood of another offering the same is at a very low percentage.

Is the offer unconditional? This is important because you don’t want to take your property off the market for weeks waiting for the buyer to do their due diligence. If the offer comes with conditions, demand that the buyer get everything in place and bring you an unconditional offer. In this time, you have the opportunity to search the market for a few more days to make sure you’ve completely exhausted the market place.

If you’ve only received one offer on your property, drag out the process as much as possible to see if you can get a contested offer. Even if the offer is above your expectations, it doesn’t hurt to try to get yourself a few more days to find another buyer to make an offer, just for some piece of mind. A single offer, uncontested, is hard to accept. There’s always a possibility someone will pay more. By getting at least one other offer, it can bring some piece of mind to the situation. Whichever it is, higher or lower, you’ll have a little more data to help with your decision making.

Hopefully this helps a little bit if you receive an offer days into your campaign. As mentioned, everything is circumstantial and many factors come into play. Either way, if you’ve hit your mark or beyond, then be happy, you’re already ahead and one step closer to a bright future.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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