The first offer on your home could be the right one, but there's more to consider than price.
Receiving an offer soon after launching can leave sellers wondering whether they should accept it or wait for something better. The answer depends on the price, the buyer, the level of interest and your own moving plans.
Receiving the first offer on your home is a good moment. It shows that someone has viewed the property, liked it enough to want to buy it and is prepared to put money on the table.
But it can also create doubt.
If somebody has offered this quickly, should we wait? What if someone else offers more? Have we priced the house too cheaply? These are completely reasonable questions, but automatically rejecting the first offer simply because it is the first can be a mistake.
The first buyer can sometimes be the best buyer
When a property first comes to market, the most motivated buyers are often the first people through the door. They may have been searching for months, know the area well and already understand what similar homes are selling for.
If your property happens to be exactly what they have been waiting for, they may make a strong offer quickly.
That doesn't necessarily mean you have underpriced your home. It may simply mean the marketing has done its job and connected the right buyer with the right property.
Look beyond the amount offered
Price obviously matters, but it should never be considered in isolation.
You also need to understand the buyer’s position. Are they a first time buyer? Is their own property already sold? Do they have a mortgage agreement in principle? Have they chosen a solicitor? How quickly can they move, and does their timescale work with yours?
A slightly lower offer from a buyer who is completely ready to proceed can sometimes be more attractive than a higher offer from somebody who still needs to sell their own home.
Consider how much other interest you have
If the property launched yesterday, several viewings are already booked and other buyers have expressed serious interest, it may be sensible to complete those appointments before making a final decision.
On the other hand, holding out indefinitely for a higher figure can also backfire. A strong buyer who feels they are simply being used to encourage another offer may decide to move on.
The aim is not to squeeze every possible pound out of someone regardless of the risk. It is to create competition where genuine competition exists and negotiate the strongest overall result for the seller.
Your estate agent should negotiate
When an offer arrives, your agent should do considerably more than simply phone you and ask whether you want to accept it.
They should understand the buyer’s financial and chain position, establish how serious they are, find out whether there is room to improve the offer and advise you on how it compares with the interest already generated.
If there are several interested buyers, there may be a case for asking for best and final offers. If there is one strong buyer, good negotiation may still improve the figure without putting the sale unnecessarily at risk.
Don't reject a good offer just because it came quickly
There is an old assumption that the first offer is simply the beginning and that something better will always come along.
Sometimes it will. Sometimes it won't.
What matters is whether the offer represents a good result for your home in the current market and whether the buyer gives you confidence that they can actually complete the purchase.
The strongest offer is not always the highest number and it is certainly not determined by whether it arrived first, second or third. Judge the offer on its merits, understand the buyer behind it and take proper advice before deciding.
Sometimes the first offer really can be the best one!
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duncan.kaye@keysandlee.co.uk
