Should You Accept the First Offer Your Receive?
Sunday Jan 07th, 2018Share
Should you accept the first offer you receive? It depends, even though conventional wisdom says yes.
Real estate agents around the world seem to go by the same mantra when discussing the first offer a seller receives: The first offer is always the best offer.
The premise behind this is that the longer a home stays on the market, the lower offers will be from buyers. Every agent in the business has either experienced this firsthand, or heard of a story where a seller refused a strong offer right after listing but eventually had to sell for a lot less money.
A property is more likely to receive a good offer at the beginning of its listing term because most buyers are looking for the newest listings. Many of them have probably seen and even missed out on properties in the past, and they’ll make a strong offer to ensure it doesn’t happen again.
“In a seller’s market, there are opportunities to cash in.”
You don’t have to accept the first offer in every situation, however. When you have a professional on your side, things are easier.In a strong seller’s market, sometimes you can wait for your price.However, if a home sells within the first 30 days on the market, it’s only discounted by an average of 3.9%. That figure jumps to 5.2% if the home sits on the market any longer.
If you have any questions about this topic or anything else relating to buying or selling real estate in Toronto, don’t hesitate to reach out to me. I look forward to hearing from you.