Zillow and other internet tools are helping to generate maximum urgency early in the listing period. But the industry doesn’t do a great job of educating – and sellers can be surprised to see an offer in the first few days. There is temptation to wait for the two in the bush.
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.
The old adage makes it sound like you have to accept the first offer, but even the most motivated buyer wants a deal and will offer less than they might pay.
Sellers should recognize that anyone who makes an offer in the first few days 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.
Here are some qualifiers:
1. Timing is the key. If the market is hot and prices are trending higher, then it might get better, later. Generally, San Diego’s pricing trend is flat today.
2. Is it a clean offer? Be cautious about offers that are contingent on selling another property, or have other complications. They are worth considering, but drag out the negotiations to see if anything better comes along.
3. The motivated buyers have been in the game for a while, and have seen the comps. They will pay a fair price, or maybe a little more.
If your house is super spectacular, then a higher bidder might come along later – those are the houses that are the hardest to find. But if yours is a regular offering, get it done early while you have urgency on your side!
Here are more thoughts: