The first offer is the best offer!

The first offer is the best offer.

In most scenarios, this is the case and here is the reason why...

It's all about the timeline (as well as price, property and location!). When your property has just been listed for sale, it's considered a fresh listing and buyers that have been looking for some time (normally 3 months and the early days are their research days) see your listing straight away and will act on it quickly if the property is of any interest.

These buyers are motivated and know what they want. If they have missed out on other properties, they know they will need to make an offer ASAP and put their best foot forward.

Most sellers are not ready for this and feel the property has just hit the market so a higher offer might come the following week. This may or may not happen.

In a seller's market, multiple offers are common and the seller will be in control to get the best price possible.

In a buyer's market, offers may be submitted one at a time and spaced with some time apart - this puts the buyer in control.

So if you receive offers early and there are multiple offers - that is fantastic. The buyers will know there are other buyers interested and all should put their best offer forward so you can pick the best of the lot to move forward and negotiate with (you can receive multiple offers, but can only negotiate with one buyer at time).

Take advantage of early interest and prepare yourself for offers early on by being educated about the current market and recent sales. Your agent should help prepare you for this.

The longer your property remains on the market, the risk of it becoming stale. At that point, all motivated buyers would have purchased elsewhere and new buyers coming through may have just started looking and are in research phase.

For more information about early and multiple offers, please feel free to book in a free call with us via https://www.micasapropertyboutique.com.au/