How do you know if you should accept an offer or keep waiting? There’s an old saying in real estate a home is only worth as much as a buyer is willing to pay for it.
It’s natural to want the most value from your assets; everybody does. That’s why it might feel like a personal attack when someone comes in with a lower-than-expected offer. But even in the hottest housing market, it is always the purchasers who determine the pricing. You can put any asking price on a property(and some people do), but until a purchase pays that price, it’s just an asking price.
When deciding to accept an offer or keep waiting, focus on what you’re hoping to gain by selling. Is accepting the offer bringing you closer to your goal? If you can make your dream home a reality by taking the offer, does that make it worth it? What about time on the market cleaning up for showings and open houses week after week? It is worth the wait.
In addition, consider if the market is on an up or downswing. If the market is trending down, the longer you wait, likely the lower the offers get; if the market is trending up, the longer you wait, likely the higher the offers get. But do keep in mind nobody knows when the housing market will turn from down to up or back again.
There are so many acronyms for being grateful for what you have right now rather than holding out for what might come along, and usually, working with an offer is no different. Work with what you have, keep the end goal in sight, and you’ll be on your way to your next home in no time.
