Discover one thing every REALTOR® just knows is true, each and every time, “your first home offer is the best offer.”
“I don’t know it for a fact, I just know it’s true,” Real Time with Bill Maher. As Bill Maher says, there are certain things which are just true. Can you logically explain them? Not always, but all the same they are true. In real estate there are many things we just know are true. “Your first offer is the best offer” is one thing every REALTOR® just knows.
Learn from this Seller’s Mistake
Recently, we listed a home for sale and knew the Seller was adamant about their “bottom line.” The number they wanted for the listing price was reasonable and they did everything we recommended to prepare their home for sale. Rather quickly, a Cash Offer was received, but after negotiation, it was still a few thousand dollars less than the Sellers’ bottom line. We pointed out these positives:
- Your first offer is always your best.
- It’s a Cash Offer with a quick settlement.
- This first offer means no more mortgage payments or HOA fees on what had been a rental property.
The Seller rejected the offer and the property remained on the market.
Within days, another offer was presented with a number that appeared more acceptable to the Seller and the contract was executed. However, this offer came from Buyers who needed a mortgage and settlement help. To accomplish both, the home had to appraise for more than the asking price. The home appraised for $1,000 less than necessary and the Buyers were not able to come up with the additional money. The Buyer withdrew and the house went back on the market.
New Construction is Tough Competition
Meanwhile, as another late-night favorite Stephen Colbert would say, the same builder began new construction again within the same community. To get things rolling, many builders offer financial incentives and this can make new construction extremely competitive. With a new home, there is also a Warranty plus new floor plans tend to be more open.
Now, the competition is not just other resales, it is also new construction and any qualified buyer can now choose a new home or this existing home in the same community. Is the new home priced higher? Yes, but many buyers begin their search at a price lower than what they can afford.
Remember this when you list your home for sale: The goal is to find a “ready, willing, and able buyer” and the truth is your first buyer is always the best offer.
If you think it is time to sell your Delaware home, we are ready to help you! First, request a copy of our complimentary Home Sellers Guide. It is full of useful tips to get your home showing ready and help it sell for the best price possible. Or schedule an appointment with one of our Active Adults Realty agents today. We’re happy to have a no-strings-attached discussion with you and help you best prepare when the time arrives