7 Home Selling Myths Debunked: Part 1

This is the first of a 7-part mini blog post series on some of the most common home selling myths.

Myth #1: Going with the first offer is NOT the best choice... Or is it?

Under normal market conditions, I can confidently say that traditionally your first offer is almost always the best. In terms of price and conditions, it’s often the strongest. I see sellers wanting to “hold out for a better offer" all too often.  Keep in mind that as a seller, you hold negotiating leverage early on, and that's where buyers usually bring the strongest offers first. As time moves on, you begin to lose this leverage, and it becomes more challenging. Think of your listing like a loaf of bread - it is the freshest right out of the oven and as it sits on the counter for a few days, it becomes less appetizing and stale. This is what happens to a listing sitting on the market.

Fact: That first offer is like a golden opportunity that could save months of inconvenience, stress, and anxiety. You don't have to keep your home spotless anymore, or deal with constant showings or reorganizing your schedule to accommodate them. And you'll save the added costs that may come with it.  

Now, I titled this blog "Going with the first offer is NOT the best choice... Or is it?" for a reason. Because I'm about to throw the above information out the window. You see, there is one exception to the "first offer = best offer" rule, in my opinion.

An even better outcome is multiple offers to bid up the price and create even more favourable terms for the seller. Though, for this to happen, the market must be RIPE! In May 2024, we're experiencing a ripe market in Edmonton right now. The disclaimer here is that not all property segments are the same. A properly presented property, including pricing and timing, lays the groundwork to make this happen. But it is vitally important that sellers have an agent who understands the marketplace, to navigate you through this strategy correctly to ensure it works and you get the best results. Therefore, the multiple-offer strategy is the best choice.   

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