First Offer is the Best Offer?
Zillow and other internet tools are helping to generate maximum urgency early in the listing period (the Stratford buyer saw it on Zillow).
But sellers can be surprised to see an offer in the first day or two on the market, and may not be prepared mentally, physically, or emotionally to sell their house. There is temptation to wait for the two in the bush – and it almost always goes that route, even when a full-price offer is presented.
There is an old adage that the first offer is the best offer. But that sounds like sales talk, and is easy to shrug off.
Let’s change it to the first BUYER is the best BUYER.
Sellers should recognize that anyone who makes an offer in the first day or two must be on high alert, and is ready to buy. They have probably made offers on others, and lost out or couldn’t come to terms. Frustration is creeping in, and they want to get it done – these are the folks who pay top dollar.
Most importantly, all buyers are looking the same comps – and will usually come to the same conclusion on price. Yes, you may get other offers, but will they be any better, later?
Are you going to turn down a full-price offer on a $2,000,000+ property in hopes that two in the bush might pay an extra what? $25,000? $50,000?
Part of what got you here is putting the right price on it from the beginning. Motivated buyers will pay the right price, but balk at the wrong price.
Could you be giving it away?
Maybe – but you have to live with that thought no matter what price you take. There’s no way to tell, because you can’t predict the future.
Until we go to an auction format, sellers will be faced with these prickly decisions. Be prepared for the early action, and don’t be surprised if someone wants to buy your house right away!