Is the first offer you get on your house a bad offer just because it’s the first? Not necessarily. In many cases, accepting the first offer speeds up the whole process of selling a house online and brings you peace of mind.
When looking at first offers, look beyond the price. Consider the buyer, the timing, and the state of the local real estate market. All of these should inform your decision.
To help you make the right decision, we’ve put together a list of the key signs that saying “Yes” to a first offer is a good decision.
1. You Get a Cash Offer
Is the first offer you get all-cash? If it is a bit (but not much) lower than the price you want, consider accepting it. All-cash buyers save you time since you don’t have to wait for them to sell their home first or get their loan approved. They are not all that easy to find these days, which is why a first all-cash offer deserves your full attention.
2. Your House Has Been on the Market for a Long Time
When a property sits on the market for a long time, it usually sends a warning signal to buyers. They may assume something is wrong with it and stay away from it. So, if your house has been listed for several months now but you haven’t received many offers, accepting the first offer may not be so bad.
3. The Local Real Estate Market Isn’t Great
When property prices keep going down or are just stagnating, with no sign of improvement in sight, waiting for a better offer may not make sense. You won’t just lose time but have to deal with the costs of devaluing property. Before deciding whether to accept an offer, discuss with your real estate agent about the state of the local market.
4. The Buyer Proves They Really Want the House
When you sell your house online, focusing on the buyer rather than the price can be a good idea. Let’s imagine your first offer is decent and comes from a well-prepared buyer. For example, if the buyer has a pre-approval letter from the bank, a good financial situation, and shows genuine interest in the property, accepting the first offer can save you the hassle of waiting for a better offer.
Many house sellers derive some satisfaction from knowing that their new house is in good hands. If you are one of them, look beyond the price.
5. You’re Pressed for Time
When it comes to online property sales, most people want to sell fast. But then there are situations when you need to sell fast. If you’re relocating to a new city for work, need money from the sale, or notice that the move is putting a lot of strain on your family, you may not afford to wait for a second offer any longer. In all these cases, selling a house online becomes a much faster process if you accept the first offer.
6. You Have a Limited Buyer Pool
As online estate agents in the UK will tell you, selling a rare, unusual, or pricey property may significantly decrease the buyer pool. This often means a longer interval between offers. If you’re starting with a small buyer pool, waiting for a better offer may take a long time and turn the entire process of selling your home into a disappointing one. Accepting the first offer helps you avoid this. If the first offer is good, consider whether accepting it now wouldn’t prove wiser than waiting for a better offer to come in.
7. You’ve Inherited the Property
Selling an inherited property doesn’t come with the contingencies of selling your current home. You can afford to get a bit less on it if that means selling fast. Especially if you want to move on with your life and not spend time or money maintaining the property, accepting the first offer can be liberating.
8. The Bottom Line
Don’t say no to the first offer on your house just because it’s the first offer. While it’s true that you may get a better offer, the extra wait or the difference in price may not justify your decision. To maximise the value of your first offer, consider hiring the services of online estate agents in the UK.
At Doorsteps, selling your property online fast is our specialty. Learn more about us and how we can help you get a good first offer fast.