It’s been said for years that homeowners should always try to negotiate a better price before accepting an offer on their home. Although timing is crucial in real estate transactions, taking the first offer on your home may or may not be the best course of action depending on the specifics of your situation, the value of your property, and other variables.
Many industry professionals agree that a home’s first three weeks on the market are its busiest. Outside of that, you’ll inevitably see declining interest. It’s best not to play hard-to-get if an offer comes in while your home is still new on the market. Waiting around may result in your listing’s age increasing significantly and receiving less traffic. With that in mind, here are some more reasons why the first offer on your home might be the right one to accept.
You’re In A Hurry
You might have to move out of the city because of work or something else important. Or perhaps you are about to run into problems affording your mortgage due to rate changes. It could just be that you’re unhappy where you are and you want to move somewhere else. The point is, you might be in a hurry to move.
Rather than moving out and then paying for two homes while you wait for one to sell, or waiting where you are, feeling worse and worse by the day, if an offer comes then it could be worthwhile taking it. You’ll move much more quickly. This is especially true if it’s an offer from a business like CavaBuys.com.
You’ve Found Your Ideal New Home
If you’ve found your ideal new home, you will want to put in an offer on it to secure it. However, this will be all but impossible to do if you haven’t sold your current home. For one thing, you won’t know exactly how much you can afford because you don’t know how much you’ll get, and for another, it’s very unlikely anyone is going to accept your offer if you don’t have an offer yourself – they will probably want to wait until someone who is in a better position makes them an offer instead.
This could mean you lose the home of your dreams. Therefore, taking the first offer is a great idea. You’ll be in a perfect position to make an offer yourself, and even if the offer was slightly lower than you hoped for, you’ll be in a favourable position, so you could make a lower offer too.
Remember, though; just because you want to move, that doesn’t mean you should lose money on the deal. It doesn’t mean you should come away with hardly anything. The qualifier should really be that you should take the first fair offer; this can make a big difference.
There Is Work To Do
Some homes are in a great condition when they are put on the market. However, not everyone has the time or the money to put things right, so it could be that you have to market a home that needs work.
In this case, offers might be few and far between, so if you get one, it’s a good idea to take it so you can move on and live somewhere that doesn’t need so much input from you.
