Quick Answer: Is It Good To Be The First Offer On A House?

Why is the first offer the best offer?

Your first offer usually comes from a serious buyer They’ve likely spent enough time in the market to know what inventory is out there for what price and have taken this into account when crafting their offer.

The longer your home sits on the market, the less likely you’ll receive a higher offer..

How do you respond to an offer on a house?

Try to respond swiftly when a buyer makes an offer, or be clear with your selling agent about the time you need to consider an offer. If you consider the offer to be too low, you might feel it’s sensible to provide an immediate response. Otherwise, it’s normal to respond within 48 hours.

Should you accept the first offer on your house?

When your home first hits the market, you’re in the best possible position to get strong offers from motivated buyers. Many sellers believe that if they accept an offer earlier in the campaign, they may be missing out on higher offers that could come later in the process. But this isn’t always the case.

How much less should you offer on a house?

If the home is truly asking for more than what it is worth, then start looking at the price you consider acceptable. While 5% to 10% is often deemed a reasonable discount, some people have offered up to 25% less and seen their offer accepted.

When should you accept a lower offer on a house?

When the market is in the buyer’s favor, this means that there are fewer qualified buyers than there are houses for sale, which gives the buyers some negotiation power. Not only that, if the house has been on the market for more than six months, the seller is more likely to accept a lower offer.

How do you get a seller to accept a low offer?

How To Get A Seller To Accept Your Lower OfferConnect with a local Realtor. Rather than going it alone when you’re searching for the right property, hire a buyer’s agent who understands the local market. … Learn the seller’s motivation. … Make your offer attractive financially. … Fine-tune your contingencies. … Be prepared to negotiate.

Is 90 of asking price a good offer?

If it’s low—say, less than 21 days—you’ll need a strong offer. If it’s been on the market for more than 90 days, though, then it’s okay to present a low offer. FYI, 90 percent of the asking price would be considered low, McGill says.

Do Sellers usually accept first offer?

Real estate agents often suggest that sellers either accept the first offer or at least give it serious consideration. Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: “The first offer is always your best offer.”

Do sellers always take highest offer?

When it comes to buying a house, the highest offer always gets the house — right? Surprise! The answer is often “no.” Conventional wisdom might suggest that during negotiations, especially in a multiple-offer situation, the buyer who throws the most money at the seller will snag the house.

How do sellers choose an offer?

How to Pick the Best Offer on Your House: 8 Tips for Fielding BidsTalk to your agent about your priorities in selling the home before any offers come in. … Review the contingencies in each offer and their chances of being deal-killers. … Don’t rule out the first offer that comes along simply to ‘test’ the market.More items…•

Do estate agents lie about offers?

When an estate agent markets a home they’re legally obliged to treat both buyers and sellers fairly by following the Code of Practice for Residential Estate Agents. This means they should not lie about offers to any party involved.

What is a lowball offer?

When it comes to real estate, making low ball offers is just a negotiation tactic used by the homebuyer to buy a house for much less than the seller’s asking price. If someone wants to purchase a home in a buyer’s market, they just might find a seller who’ll agree to a low ball offer.

Should you offer asking price?

There are other reasons for going in with an offer lower than the seller’s asking price. … Remember that the asking price is not set in stone. If you feel as though the property is worth less than what the seller is asking, go in lower, but be fair. Offering half isn’t likely to go down well!

Why do sellers wait to accept offers?

Another common reason for a delayed response is if the seller already has an accepted offer, and especially if the accepted offer is close to having a contract signed. In this case, the listing agent may not want to bother with showing the property again unless the deal falls through, and may simply be procrastinating.

Do sellers usually counter offer?

At this point most sellers will make a counteroffer with a price that’s higher but still below their list price, because they’re afraid of losing the potential sale. They want to seem flexible and willing to negotiate to close the deal.

Is offering 10 below asking price too low?

The rule of thumb we use with our buyers is usually based on the number of days that a home has been on the market at a given listing price. … If it has been on the market at the same price for two months or longer, we recommend being more aggressive and offering 8 to 10% below asking.

How do you make a strong offer on a house?

10 Tips for Writing a Great Purchase Offer in a Seller’s MarketSubmit a Preapproval Letter With Your Offer. pbombaert/Getty Images. … Hire an Assertive Real Estate Agent. … Write a Friendly Offer. … Put Your Best Foot Forward. … Put Down a Healthy Earnest Money Deposit. … Cash Talks. … Shorten Inspection Periods. … Waive Some Contingencies.More items…