Rejecting the first offer

High offers often come early during the selling process, however owners will often hold out in the hopes of a better deal coming along. Sellers can be lulled into a false sense of security making the assumption that a good offer in the early stages of selling can mean an even better offer will come once more people have viewed their property. Unfortunately, holding out for a better price generally leads to price discounts and lower eventual sale price.

To understand why good offers often come early during the selling process, it’s important to place yourself in the position of the buyer and consider the journey that they have been on. Reasonable or above market offers often come from a ‘heart buyer’. A ‘heart buyer’ will fall into one of two categories – either they have been searching for their dream property for months on end or they have stumbled across your property and have impulsively decided they need it. In both situations, the buyer has fallen in love with your property and their emotions have paved the way for providing a reasonable offer.

It is crucial to understand that ‘heart buyers’ are highly motivated. They recognise the value your property can provide them and they move quickly to secure their dream home. Therefore, when such offers arise, it is important not to automatically dismiss the offer on the hope that an even better one will come along. Remember, there are rarely buyers that are motivated enough to offer a good price from the very beginning yet plenty of buyers who are happy to sit around and wait for the price to drop.

Give careful consideration before accepting or rejecting early offers. This is when having a trusted agent can come in handy – they will be able to provide advice on whether they think this is the highest the buyer is willing to pay and whether the offer is comparative to the price that similar properties have sold for in your area.

Ben Price

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