What Does Today’s Home Buyers’ House-Hunting Journey Entail?
Many home sellers have heard it from their real estate agent, “It’s best to take your first offer.” However, is this always true? There are a few things to consider about your buyer when determining if your first real estate offer is your best bet.
Many different scenarios can play out when you are selling your home. Serious buyers who want to eventually make a deal on a home start their search online months before they make an offer. They get on an email list so they can receive homes online every week. They will get preapproved for a mortgage so a buyer knows they are serious.
Serious buyers know exactly what they want as far as the type of house, types of rooms, size of the house, location, and condition of the house. They get a general feel for what the market has to offer and what they may have to pay. They will attend a few open houses so they can actually see a home’s condition. They may even contact a real estate agent to get her opinion of the local market.
The serious buyers will then narrow down a few homes that meet their needs and pricing. They will go back for a second or third look at the few homes they are considering. They are so well-apprised of the market that once inside your home, they will know if it’s a place they’d like to call home.
If your home is priced competitively, shows well, and meets their criteria, the serious, informed buyers will submit an offer. It may or may not come within the first few days your home is on the market.
If your home is priced too high for the location, it will sit for weeks. After being on the real estate market for a month or so, buyers who are only interested in deals will make you a low-ball offer because they think you are desperate to unload your house. What’s a poor home seller to do?
What to Consider When Determining If Your First Real Estate Offer Is Your Best Offer
Even if the offer is insultingly low, you should still consider it. Learn the answers to these questions before making a decision to accept or reject the offer:
Who are these buyers?
How long have they been searching for a home?
Have they written other offers nearby?
Is their agent a good local one?
Do they have a mortgage pre approval letter?
Are they cash buyers?
Does their offer come with contingencies?
Does their offer come close to the price your real estate agent thought would be right?
As difficult as it may be to think about an offer much lower than your asking price, you need to understand your buyers’ journey in house hunting. What factors prompted the offer? In addition, before determining if your first real estate offer is your best bet, get some guidance from your real estate agent and trust the old adage, “It’s best to take your first offer”.
Interiors Revitalized is a full-service home staging, model home merchandising, and interior design firm located in Jacksonville Florida. In addition to Jacksonville, we serve the St. Johns, St. Augustine, Orange Park, Fleming Island, and Fernandina Beach areas. Contact us today at 904.625.2214 to discuss your home staging or interior design project. We’ll make that first offer your best offer!
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