In my years of working in the Edmonton area real estate market, I have seen many sellers make the mistake of rejecting the first offer outright. Unfortunately much to their cost later on.
Here are 3 reasons why home sellers should think again:
1. When it’s New It’s Interesting
We like to call it the “Honeymoon Period”. A correctly ‘positioned’ house or condo for sale will generate rapid interest from buyers and should result in one or more offers within the first couple of weeks and sometimes in the first few days, especially in the busy selling times of the year. The mistake that sellers sometimes make is that because the offer came in quickly, they don’t value it and expect that there must be something better ‘just around the corner. Never forget that sometimes these buyers have been looking for weeks or months. Value every offer and take it seriously.
2. Your Buyer Is Under Pressure
Consider this. Buyers who make offers when a house or condo has just been listed are under a lot of psychological pressure to come in strong because they know other buyers are also looking at this ‘new listing’. Unfortunately, some sellers overlook this fact and ‘negotiate’ themselves out of a sale. In effect, they end up buying their own house or condo back.
3. This Might Be It
We try and create multiple offers on every home we list for sale. However, too often our sellers are complacent and learn that that the offer (or offers) they got in the first week or two was as good as it’s going to get. They may end up accepting an inferior offer later when the listing has become tired, when they have run out of options and they have lost their appetite for keeping the house in tip-top condition.
The bottom line? Take the first offer very seriously to avoid disappointment later.
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