Never Accept an Offer on the First Day
That is right. I said you should never accept an offer on the very first day your home goes on the market. The reason is simple. You may not be actualizing the full potential of the value of the property. Too many times I see agents advertising that this home or that home sold in mere hours. So you have to ask, is this to the benefit of the seller? Did the seller miss out on a potentially better offer by accepting too quickly? It happens way too often. I was recently made aware of a situation where a seller accepted an offer within a few hours of the home being active on the market that included a contingency on the sale of another home only to receive additional better offers without contingencies within the next couple of days that they could not accept. Not only did this seller not actualize the highest purchase price, they are now subject to another home selling.
In our current market climate, an affordable appropriately priced turn key home will get a ton of viewings over the first few days with the right marketing. There is the potential of receiving multiple offers and driving the price even higher than the asking price. Just in the last year, I have had multiple properties go $5k, $10k, even $25k over the asking price given the right circumstance. However, that cannot happen in just a few hours. There needs to be some time to allow other parties to view the property in order to create demand and urgency. There needs to be at least 2-3 days for momentum to build and fully actualize the properties potential.
Obviously it is terrific to receive an offer on the 1st day of listing the property however this a position of leverage for the seller that should be utilized to their benefit. While an offer on the 1st day should be respected and handled with care, there are very few circumstances where you would potentially lose this buyer by setting a timeline upfront for reviewing offers. Being transparent and upfront with the buyer is the best way to handle this situation. For instance, if your property goes on the market on a Thursday, you should really allow it to be shown through the weekend if you received an offer within a couple of hours of being active before accepting the offer. Let's face it, if you get an offer in the first few hours you are likely to get more within the next few days. My job as your listing agent is to get you the most money I can.
Sure selling your home quickly is ideal for everyone involved. Just make sure you are not leaving money on the table. Choose an agent with experience and knowledge of the current market climate. Selling your home is one of the biggest transactions most people will be a part of, make sure you are well represented.
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