First offer on a house: do I have to accept?

Do you have a price in mind to sell your house? Commonly asked questions I hear are “Do you have to accept an offer on your home?” or “Should I accept the first offer on a house?”

To answer these, the question to ask is “What will it cost you to wait for THAT price and what is my home really worth in the current market?

You want to sell your house fast for the right price. This video will explain to you the importance of knowing and understanding time on market vs price and buyers and their comparison habits. This will allow you to make an informed decision on which offer you should and should not be accepting, and it will show you how much you could be costing you to wait for the price you think.

If you’re ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist.

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Buyers and Their Comparisons

Sometimes people have a figure in mind that they’d like to achieve when selling their home. Buyers won’t always know what that price is, and they will make up their own mind on what they think the property is worth based on  other homes that are on the market at that particular point in time.

It’s just like when you going shopping for an item. You will be comparing prices from different companies on the same product.

Buyers are the same when they go looking for houses. They will look at a multitude of homes and the price they feel it is worth will depend on what your home is offering compared to others. Generally there will be a range that buyers will sit in for your particular house.

Time On Market Vs Price  

When your home is on the market, the first four weeks are crucial. If you have a fixed price in mind and it is above the range of what buyers believe the property to be worth, then your home will possibly stay on the market for a lot longer and it will not sell easily or quickly.

While you do not want to sell the property too quickly, you also do not want it being on the market for too long. This is where the first offer on a house is important to really consider.

At week 5 and 6, buyers start to ask “what is wrong with that property?” There might be nothing wrong with the property other than the price you have in mind of what you want to achieve.

Unfortunately, buyers don’t look at it like that. They will think that if it has been on the market for a long time there must be some structural issue with the home causing the property to lose value in the market.

It has been recognised that the longer a property stays on the market, the lower the expected chance to achieve a great sales result.

So asking for, or waiting for, THAT price can sometimes cost you a lot of money, as you could end up getting less than what the buyers may have originally thought the property was worth. The longer the property stays on the market, the less buyers think the home is worth.

Achieving a Successful Sale Price

It is important to enter the market with impact and an accurate sale price, and be open to real estate offers early rather than price adjusting along the way. That includes that first offer on a house.

Real estate agents are no longer the ‘gatekeepers’ of information. When priced competitively in the first instance, researched buyers will be attracted to the property. Pricing your home to sell will attract quality buyers, with great competition can to be expected, thus driving the sales price upwards.

If you’re ready to discover the secrets to being ready to sell your home download our free checklist – Insider Secrets To Being Ready To Sell.

YES, DOWNLOAD MY CHECKLIST

I hope this has helped you. If you have any questions whatsoever, or for an accurate property assessment, I’d love to talk to you. My number is 0426 264 771.  I look forward to talking to you soon.

If you have any family or friends that might benefit from real estate guidance, please feel free to pass on my details or share this link. I’d love to be able to help.