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.
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, everyone has to wait for new buyers to trickle into the market.
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.
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, 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
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.