Selling your home is stressful, particularly when it is difficult to predict the outcome. Many sellers find themselves facing a ‘bird in the hand’ type decision when an offer comes in that is strong but not as high as hoped or expected.

Do you accept an offer… or hold out in the hope of a better one? Here are some questions that will help you decide.

Does the offer reflect market conditions?

Unless you’re in an urgent position, you should never sell your home for less than it is worth.

The condition of the market will play a decisive role in your decision. Your agent will be able to tell you if they think the offer is a good one. They will know the prices and movement in the local area and use their knowledge to give you an educated valuation.

Who is buying right now?

Some parts of Australia are in hot demand so it’s possible that another, better offer could come in after an additional home open. There is also the possibility of an expat discovering the property online and making an offer via a buyer’s agent (depending on where your home is located).

Being closely connected with current buyers means your agent will let you know if there is a surplus of interest in properties in your suburb. If this is the case, it might be worth seeing if you can hold out.

What’s your timeline?

How much of a hurry are you in to sell? If you have already purchased another home or if you are selling because of a relationship breakdown, time may not be on your side.

Not taking an early offer can potentially leave your home on the market for longer than you might think. Before you know it, your home is ‘on the shelf’. Buyers will assume there is something
wrong with it and either pass it over or make even lower offers.

Work out your timeline and talk it through with your agent at the start, and you will know whether it is worth holding out for a better offer or not.

What’s your next move?

You want the offer you accept to help you move forward.

Your next step will be to buy another property, so the offer you accept will have to be suitable for this move.

Consider what the market is like where you intend to buy and how competitive it is. This can factor into your decision to accept an offer.

If you are upsizing in a slow market, sometimes accepting a lower offer will be made easier by the fact that whoever you buy from might find themselves in the same situation. However, if you’re downsizing, check carefully to make sure your decision will free up the cash you are hoping for.

What does your agent say?

If you decide to turn down the first offer that comes in for your property, you need to figure out your next steps. Talk to your agent about making your home more appealing and see what you can do to increase the next bid price.

Agents will have lots of ideas to help bring in good offers. Maybe a small cosmetic upgrade or some styling will make all the difference.

With that being said, a reliable, experienced agent will be honest about the offer you receive. If they believe it is reasonable and the best you are going to get, they will explain why so you can make a fully informed decision about whether you accept it.

Need the help of a knowledgeable selling agent? Contact me today on 0410 665 947.