Monday, July 16, 2007
I agree with the theory that the first offer is the best offer. When shopping for homes in a fluid market, a buyer will have seen all the current inventory in a certain neighborhood quickly. Some of these buyers buy what is sitting on the market and others find that the homes do not satisfy their needs enough. These people sit on the fence and wait for the new listings to come out. Once one does that fits their needs (and with the realization that this is a rare occurance) they make a serious offer with the intent to purchase that home. This coupled with the fact that new listings generate a lot of activity within the first two weeks gives credence to the fact that the first offer will be the best. As a home sits on the market, the offers that come in will tend to cut more at the price. A seller who gets an offer quickly should not think "we priced it too low". They instead should be happy that their agent advised them correctly.