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How to Respond to Early Offers
Manage episode 174358645 series 1401603
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If your home is for sale and you receive early offers, do you know the best way to handle them? Your best course of action depends on what kind of market your neighborhood is currently in.
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If you're in a buyer's market, you want to respond to the offers as quickly as possible and keep the buyers engaged; we don't want them moving on to the next property. If you're in more of a seller's market, we will sometimes say that no offer should be accepted in the first seven days.
These are the things you'll need to weigh as you receive early offers. If you are highly motivated to sell, you want to respond as soon as possible to keep that buyer engaged and moving forward.
If your home is for sale and you receive early offers, how should you handle them?
You want to start by identifying whether you're in a buyer's market or a seller's market. Certain neighborhoods have a lot of inventory and are in a buyer's market, while some have low inventory and a lot of people wanting to move in, creating a seller's market.
If you're in a buyer's market, you want to respond to the offers as quickly as possible and keep the buyers engaged; we don't want them moving on to the next property. If you're in more of a seller's market, we will sometimes say that no offer should be accepted in the first seven days.
Also keep in mind your motivation to sell. Are you in a time crunch? Do you have a pending relocation? Do you have another property that you've bought and need to close on?
These are the things you'll need to weigh as you receive early offers. If you are highly motivated to sell, you want to respond as soon as possible to keep that buyer engaged and moving forward.
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Identifying the state of your market can guide your decision making.
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If you have no time constraints or anything pushing you to sell right away, you can draw it out a bit and see if you can get some additional offers. You also need to consider whether the buyer who put in an offer has a certain time period for response in their contract.
If you're currently on the market or you plan to sell a house in the future, this information should help you decide the right course of action for your situation. If you have any questions, please don't hesitate to call or email me. I'd be happy to help you out.
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