here’s an old real estate It may be tempting to hold out
rule of thumb that the for a better price, especially in
first offer you receive is the first few weeks that your
usually the best one. I’ve run home is on the market when there
into this with several listings is a high volume of showing
where the seller received an activity. However, that activity
offer early on, made a stiff typically wanes after about three
counteroffer back to the buyer weeks, at which point the buyers
and the buyer headed for the who have been waiting for “just
hills. In some cases, as much as the right house” will have
24 months and several price already considered your property.
reductions later, another offer Buyers rush to see new listings,
finally came in only to be and if it’s the best thing they
significantly lower than the have seen they will probably make
first buyers’ offer. an offer. Most of these buyers
have been at it for a long time
While your first offer may not be and know the values very well, in
what you were hoping for, it is a some cases understanding market
good idea to consider several realities in their price range
things when choosing how to even better than realtors who
respond to that offer. Length of have been tracking a broad
time on the market, time of year, market. Therefore, an offer
initial asking price compared to received in the first few weeks
the price recommended by your on the market is probably
agent, and current competition appropriate to current conditions
should all be taken into account and worth serious consideration.
when determining whether to Comparing the offer to your
accept, reject or counter the realtor’s initial price
first offer you receive. recommendations can help you
decide what action to take.
first offer may be lower than you
After the first several weeks, had hoped, every month you keep
the activity that remains is the property is another month you
buyers just entering the market. must pay mortgage, taxes,
Since they are at the beginning utilities, and insurance for a
of their house hunting, they home you are hoping to leave.
generally have more time to look These costs can add up quickly
and are less motivated to act and end up costing you more in
quickly. They are less educated the long run.
about the market than those who
have been shopping for a long Time of year is another factor
time and will err on the side of that can affect the offer. Your
caution when making their offers, offer in March or April will most
especially in a buyer’s market. likely be much higher than in
Consequently, offers will more September or October. Sellers who
likely be lower than early on. were optimistic in the spring
will be lowering their prices
Time on the market erodes value quickly to try and sell.
as well. The longer a house is
listed for sale, the less The bottom line is that you are
interested buyers and Realtors never in a better position to get
are in the property. People will the best price for your home than
begin to wonder what is wrong when it is fresh on the market.
with the property, and even if Even if the offer and subsequent
they like it will offer a lower negotiations are less than you
price so they won’t lose money if are hoping for, don’t kick
they end up having to sell. yourself months or even years
later wishing you had taken the
Be sure to consider the offer. That real estate rule of
opportunity costs. While your thumb stays true: your first
offer is usually your best. Copyright © Shawn Buryska.
About the Author:
Shawn Buryska is a real estate agent, providing Rochester, MN MLS Listings, and specializing in listing your home for sale in Minnesota.
Read more articles by:
Shawn Buryska
Article Source: www.iSnare.com 
