Why Your First Offer Is Always Your Best Offer
In real estate, there is an age old adage that, “your first offer is always your best offer.”
But, when it comes to selling your Knoxville home, is this always the case?
The thing is it really all depends. Every Knoxville real estate transaction is different, so it can be hard to generalize. However, there are many reasons why many Knoxville real estate agents stand behind this adage of believing that the first offer is always the best offer. If you’re in the process of selling your Knoxville home, here are a few reasons to really think about your first offer (because it really could be your best offer).
First, when you finally do get your first offer whether it has been a matter of hours, days, or even months, it important to look at the bigger picture as to why you may be receiving this offer. If your home is fresh on the market, you’re likely getting an offer because your home is new the the market and a hot commodity. If you’ve recently dropped the price, you’re likely getting an offer due to the change in price.
Changes like these often incite a buyer to write an offer. If the home is new the market or had a price drop, they often worry that the home won’t last long on the market. So, if you’re inspired to wait for a better offer, you may want to think twice. Your home will only be a hot commodity for so long after being new to the market or dropping the price.
In addition, the longer your Knoxville home is on the market, the less of a novelty it becomes to buyers. With a home being such a large purchase, many buyers spend a decent amount of time looking for homes. If you’re market has been on the market for awhile with the same price, many buyers see your home as old news. They may even wonder what is wrong with your home and why it hasn’t sold.
Finally, after receiving your first offer, it is important to at least consider the offer. Even a low offer can be worked into a solid offer that you can work with. Having your Knoxville home on the market isn’t always fun and there can be many costs associated with it. While your first offer may not be what you dreamed of, it at least gets your house sold. It can be difficult to say the next time you would receive and offer and if you’d have to drop the price in order to get that offer.