Advice to Sellers – Look Carefully at Those Offers in the First 14 Days to sell your Bethesda Home, Your Luxury DC Estate, Your Condo at Tysons

Posted by Lise | Filed under: Sellers

Everyone knows how important it is to price your home right in the first place so you can capture ready buyers and sell your home right off the mark!  Whether you have a Bethesda home for sale or a luxury condo in Tysons Corner, the need to price your home correctly is still the same. 

Realtors always press sellers to price their house competitively right upfront, based on the results of the comparative market analysis that your realtor prepares.  It’s one of the toughest jobs Realtors have, to explain that “testing the waters” serves no function in this market.  An overpriced listing might serve one function, and that is that those “pent-up buyers” now recognize the value of another house already in the market that’s been reduced and they rush to buy it!  First time homebuyers are even more nervous about making a mistake so they really look at the other listings and choose the best deal!

The early offers in the first 14 days of the listing represent the pent up demand for that particular house style, neighborhood and price range.  You want to be the best priced townhouse for sale in Kenwood Forest or the best value in Dupont Circle, so that buyers flock to your home!

Current Pent Up Demand vs. Future Buyers Trickling In.

There is a certain number of buyers currently in the market for your house. As soon as your house hits the market, those buyers and their Realtors quickly review your house, either by internet or by walking through the house. If the pent up demand rejects the house and its price, you have to wait for new buyers to trickle into the market – one by one, day by day, week by week.

Should I Accept The Early Offers or Wait For Something Better?

Too often sellers turn down the early offers and then wait months for a better offer that may never come.  Of course, it is true that if the house was listed in the winter, you may have a chance of a better offer in a few months when spring comes around, but then the buyers will know that the house has been on the market for several months.  Do you really think you will get a full priced offer at that point?

But, if the house was listed in the summer and you turn down first offers, keep in mind that you may have to wait 8 months until the following spring for better offers. In today’s market, however, no one knows if 8 months later the prices will be up or down.

Consider The Early Offers With Eyes Wide Open

Conclusions:

Realtors and sellers need to very carefully consider the offers that come in right after the listing hits the market.

If the house is not moving, then the market is speaking with deafening silence. If the sellers need to sell, they must have an aggressive price reduction strategy.

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17 Responses

  1. Joe says:

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  2. clarence says:

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  3. darrell says:

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  4. george says:

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  5. mark says:

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  6. Melvin says:

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  8. Pedro says:

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  9. jesus says:

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  10. Dwight says:

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  11. norman says:

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