What home sellers need to know about accepting the first offer.
The decision of whether to accept the first offer on your house isn’t straightforward—it depends on market conditions and the specifics of the offer itself. Currently, we find ourselves in a strong seller’s market, where multiple offers often come in quickly, some with escalation clauses or more favorable terms. Taking the first offer might mean missing out on a potentially better one in the following days.
In this environment, it’s often in the seller’s interest to set a deadline, perhaps three days out, to review all incoming offers. However, this approach comes with some caveats. Market conditions are important, but so is the offer’s content. If you have a clear understanding of your home’s value and your objectives, an offer that exceeds your expectations may be the best choice.
“We can help you decide if an offer is right for you. ”
It’s crucial to scrutinize offers that seem exceptionally high but come with various strings attached, such as multiple inspection and financing contingencies. While the price may look appealing at first glance, the likelihood of such an offer reaching settlement can be quite slim.
In summary, if you have a solid grasp of your home’s worth and an offer comes in that’s a no-brainer, go ahead and accept it. Part of our role is to assist you in distinguishing between good and exceptional offers based on our experience, market conditions, and property value knowledge. Don’t hesitate to call or email me with any questions or topic ideas. I look forward to hearing from you.
