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Why wait? Sometimes it’s best to take the first offer

3 Dec 2013 Christies Beach 0 Comment

You spend weeks polishing your property until it looks perfect, the photographer takes spectacular pictures, you list it for sale and bang! An offer comes in… sounds good, doesn’t it?

But then, you think… what if someone else comes along? Will I get any more for my property? Should I wait?

At The Professionals, we get asked a lot whether a seller should accept the first offer, or wait in hopes that something better comes along.

While there is no definitive rule, there are many times when the first offer, is indeed, the best. Generally, a property attracts most interest when it first comes on the market. This is because real estate agent marketing is geared towards launching properties with a bang. Agents have databases of contacts who’ve enquired about properties like yours, and they will be working that database very hard, in efforts to find you a buyer.

In addition, there are all those potential buyers registered on property sites such as realestate.com, and domain.com who will be alerted when your property hits their sites.

Sometimes, those buyers have been in the market for a while. They’ve done their research and they’ve found something in your property that ticks all their boxes. If they’ve missed out on other purchase opportunities, they may be faster this time to secure your home. These buyers usually have a good grasp of the market value, and may well get in quick.

They are generally, good offers.

Of course, you could wait. But don’t be disappointed if the buyers who first offered on your home move on in the interim…

The most important thing is to have confidence in the price at which your property lists on the market, and in your agent’s negotiation skills. Trust your agent to help you get the decision right.

A five-year study by property industry statistician, RP Data, has shown that vendors overall, received less by waiting longer to sell.

Over the study period, it was found that homes that sold in less than 30 days, recorded the lowest levels of discounting. And homes that took the longest to sell – more than 120 days – consistently recorded the highest discounting figures.

 

Follow the Christies Beach real estate blog for more interesting articles.

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