Should You Accept An Offer on Your Property On Day One, Or Wait & See?

What Happens When You Receive an Offer on Day Number One on the Market?

Congratulations! Your property just went live on MLS, and you received an offer on the very first day!

It’s a thrilling moment for any residential homeowner, but it can also be nerve-wracking if you don’t know what to do next.

When a Seller receives an offer on the first day their property is listed, it can be both exciting and intimidating. So, it is essential to keep a clear head and approach the situation with a level of understanding.

As a general rule of thumb, the first offer an owner receives can often be the best. This is especially true if the property has been priced correctly and marketed to its fullest potential.

Why is this? It’s because the “ideal buyer” typically makes the first offer, someone who has been searching for a home or condo that meets their specific criteria. This may include a particular street, building, floor plan, or location. Additionally, this potential buyer may have lost out on similar opportunities and is moving fast and furiously on the property to ensure they don’t miss out again (ever)!!

If a buyer makes an offer on the first day, it is important not to panic and assume that the property is underpriced. This is often the Seller’s first worry!

Instead, the homeowner is more likely to have successfully attracted their perfect buyer.

Accepting the first offer is generally the best decision, as buyers who are keen to secure a property are often willing to pay a premium and be aggressive in their approach. Remembering that turning down a good offer can backfire if you choose to “wait & see” what may happen in a week or two. Of course, homeowners should consider their options before accepting the first offer (or any offer for that matter). Take the appropriate time to evaluate the offer’s content beyond price, including conditions, deposit, terms and the closing date—a reputable real estate broker should be ensuring that the offer is fair, reasonable and accurate.