Sellers, So You Received an Offer on Day 1? Don’t Get Too Excited…

…and blame your agent for pricing your property too low.

An offer on the first day could mean it’s priced exactly right. And a Buyer who has been in the market looking for exactly what you have to offer knows it when he sees it.

If you have multiple offers the first day – the first few days – then there are several Buyers who have probably been looking for awhile and recognize a solid value when they see it. Or, they have been looking for a property like yours and there just hasn’t been a lot of inventory.

But it doesn’t mean you – or your agent – priced it incorrectly.

In fact, in many markets, including ALEXANDRIA VA, it’s pretty hard to price a property too low – Buyers and their agents will know it’s a really good value and several will pounce, sometimes leading to a multiple offer situation, which can escalate the price.

Sometimes, though, a multiple offer situation doesn’t lead to an escalated price – and when more than one person is coming in below or exactly at your list price, then the market is trying to tell you something. The market likes the property and thinks it is priced where it should be.

And when your property goes on the market priced exactly where it should be, you’ll know soon enough. A positive reaction to your listing doesn’t mean the price is wrong or too low – it usually means you and your agent got it exactly right.

3 Responses to Sellers, So You Received an Offer on Day 1? Don’t Get Too Excited…

  1. Susan, I remember through the last half decade all of the people who had so much inflated value in their homes who could have listed the home just below market value and sold their homes for quite a profit, but instead insisted that their home was worth more and in the end watched their home sit.. and sit.. and sit… and eventually sold their home for tens of thousands less than if they had just listed in slightly under market in the first place. Knowing the market and working with a solid agent like you is key in pricing the home regardless of where values are headed 🙂 Being a little ahead of the game doesn’t always mean you lost money and in many cases can help you come out ahead of the pack