Should You Jump At The First Offer On Your Home?

Should You Jump At The First Offer On Your Home?
 OMG John 5/31/2017 6:00 AM

Whether your home as been on the market for a week or a month, the first offer that you get on your house might be very tempting to accept. But is it the right offer for you and is it a fair offer to your home? And is the first offer the best offer like most people say? That all depends on a few things.

Here are a list of circumstances where the first offer is the best offer:

  • The first offer comes at the end of a lot of activity.
    At this point, if no one is showing much interest after a flurry of activity then you have probably seen your fair share of buyers and your home has had pretty good exposure.
  • It’s not a lowball offer.
    You need to have some sort of understanding of what your home is worth and what kind of buyer that your home attracts. Some houses and situations are unique and attract a certain kind of buyer that it can be hard to tell if the offer is a lowball or not.
  • The offer is from a seasoned and serious home buyer.
    These are the people that have been looking in the market for a while now and they understand the value of a home. They are less likely to lowball if you are they are serious about your home.

Here are some tips from the pros on how to price your home to get the best offer:

  • Don’t test your luck.
    Posting your home too high above the market price can turn away even the most serious buyers and can cause your home to sit on the market for longer than you are wanting. Buyers notice when homes have been sitting on the market for a while and the reason is usually the price.
  • Price your home too low? It might backfire.
    If your home is listed $15,000-$20,000 below market value, then buyers might assume that there is something wrong with your home. For many sellers, it is better to price your home right at or slightly below market value.
  • Keep an eye on the competition.
    Going to open houses that are around the area can give you a better idea of how your home compares to the others in the area. Don’t set your prices to what they have, just take it into consideration.
  • Make the major necessary repairs.
    Not saying you have to install granite countertops or hardwood floors, but you should fix any broken appliances or address any structural changes.
  • Dress to impress.
    Buyers walk in your home and try and imagine themselves living here. This means you should take down any family photos, toss old magazines or newspapers lying around and get rid of chunky unnecessary furniture.
  • The highest offer isn’t always the best.
    It is better to go with the offer with the less complications. One offer might include the price of an inspection which lessens the likelihood that they would request additional repairs.

Selling your home or in the market for a new one? Contact The Fairfield Team and we would love to help you out!