Is it possible to get an offer too quickly?
02/19/2016 | Author: Marty Kramer
I heard an interesting comment from a homeseller who said that the first offer he got on his home came too quickly. I thought a quick offer would be a good thing, but I learned that what he meant was that it was lower than his asking price and he thought that higher offers would be heading his way soon. So he rejected the offer.
And he waited. ... and waited ... and waited. Several months later, he sold his home for a price even lower than that first offer.
His unfortunate experience includes two ideas that sellers should keep in mind:
- An overpriced home will take a while to sell.
- Early offers can be good offers ... perhaps even the best offers you'll get.
A Texas REALTOR® can help you price your property to attract buyers and maximize your selling price. He or she will discuss your time line and other goals to make sure you have the best opportunity to accomplish your objectives. Your REALTOR® will also discuss offers with you to weigh their merits, so you can make a decision you won't regret.
Two weeks ago, I uploaded a new listing to MLS at 12:30PM on a Friday. We had a showing scheduled for 5:30PM that day and two the next morning. Friday night at about 7PM, we received an offer, which is now scheduled to close early next month. And by the way, the sales price is very near full price even after calculating concessions and repairs.
If an offer is received quickly, it us usually because the buyer feels motivated and under some pressure and typically results in strong offers. Sellers, however, can feel they’ve under priced the home. The key is educating sellers about what to expect and pricing the home correctly on day one.
A perfect example illustrating a few agent ‘sayings’:
“Your first offer is usually your best offer”
“There’s typically an inverse relationship between days on market and price”
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