There is a saying in real estate you may have already picked up on: Your first offer is your best offer!
So, what is it? Well, just like most things in life: There’s not a clear answer, but the saying is often true.
To best understand how to answer the question, we need to put ourselves in the shoes of the typical home buyer. Let’s walk through the buying cycle:
This is the “dipping your toes in” phase of buying. Market testers start online, they do research, and they may even attend a few open houses. At this point, buyers are not committed or easily swayed into a quick purchase decision. This phase of the buying cycle can last between 12-18 months – and even longer.
In this phase, buyers are starting to get serious. After a long period of research and attending showings, the “market testers” are turning into “shoppers” and they’re ready to take some steps forward. In this phase, the shoppers are speaking to mortgage lenders, interviewing real estate agents, and scheduling private home showings.
Learning the Market
Once “shoppers” are ready to become “buyers,” things start picking up for them. They’ve been pre-approved for a mortgage, and they are ready to find their home to purchase. Buyers are aware that the best home will sell quickly, and they have already visited lots of homes on the market. They may have even put in an offer or two but lost due to a lack of quick and aggressive buying.
Ready to Buy
At this point, they know they must get into a good home right away. By now, these home buyers are fully educated about the market and market value and are scheduling first viewings. These highly educated buyers are the ones who tend to put an offer in right away when they see the perfect home pop up on the market. They are ready to get what they want – and they feel confident in their purchase decision.
Your next wave of appointments will typically be with people in the earlier rounds of the buying cycle: Market Testers, Just Starting and Learning the Market.
Be ready and prepared to work with the offers you get from the start; these offers are likely from buyers who are pre-approved and are ready to buy. However, to evaluate the offer, you should be fulling informed about the market and your home’s market value, which agents at Jackie Mack & More can help you understand when you decide to put your home on the market. We are here to help you through every step of the home selling process!