Home buying can be a very exciting thing, especially when the first offer comes in. As a homeowner, you start visualizing the future and seeing yourself in a new home. but the question that the homeowner should ask themselves is this: should I accept the first offer on my home or wait for more offers to come in?
One important reason why you shouldn’t accept the first offer on your Orange County home is competition. If you’ve prepared your home properly for the open house and your Realtor has listed it at just below it’s current market value, you will ultimately get multiple offers on your home because, a home that’s priced lower than others on the market will make buyers think that they are getting a great deal and there will be one or buyers who won’t stop bidding until they’ve reached the maximum price they are willing to pay for your home.
Low Ball Offer
Yes, even though it’s a sellers market right now, not everyone in Orange County is willing to pay for a home what it’s worth, the first offer that you receive on your home may very well be a “low ball” offer on your home and you may not be willing to accept that offer, especially if you know your home is worth more than the offer you received, right?
A Backup Plan
Another reason to not accept the first offer on your home is because of the possibility that you might receive an offer from a buyer who has not been pre-qualified for a Mortgage. If that buyer hasn’t been pre-qualified they will stand the chance of not being able to buy your home because, they haven’t obtained a mortgage loan. With the influx of cash buyers in the market now, it is in your best interest to wait and see if one of these buyers enters an offer on your home. With the current state of the market, you may be likely to receive multiple cash offers on your home depending on what end of the market you are on.
To learn more great tips on how to effectively sell your Orange County Home or to view the latest Orange County homes for sale, contact Fred Sed & Associates today (949) 272-0125.