- If I take this offer will I be making a huge mistake?
- Does it mean I’ve set the price too low?
- Should I hold off on responding to a first offer, hoping for a higher offer or a bidding war?
The answer to all three questions is no. If your agent prepared a comprehensive market analysis and accurately compared your home to others that have sold recently, the price is probably exactly where it should be, give or take a small amount.
Of course you should have reviewed the market analysis – a professional agent will have reviewed it with you to show you how he or she arrived at the suggested selling price.
Buyers these days are well-informed. They’ve visited real estate websites, viewed photos, read descriptions, and have a pretty fair idea of how a home should be priced. When they are serious about owning and home; and when see the home that pleases them at the price that’s correct, they hurry to make an offer before it’s gone.
Should you hold off? Should you wait and see if a different buyer will offer a higher price? No – because this may be the only buyer for whom the house is “just right.” If you fail to respond in a timely manner they may move on. This is especially likely if they feel that you are using their offer as a tool to get higher offers.
Look carefully at each serious offer, even if it comes within hours of your home being presented to the market. If the price and terms are what you asked for, accept it. If they are not, work with your agent to present a counter offer.
Sometimes the first offer is the best offer and sometimes it’s the only offer. And… sometimes buyers are trying to “get a good deal” but will come up to full price if you politely counter a low offer.
Are you ready to list your home here in Tamaqua? Call me – I’ll prepare an accurate market analysis to assist in pricing, and I’ll be by your side to discuss the offers and negotiate when necessary.
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