Should You Accept or Reject Their Offer?

Receiving your first offer is an exciting moment when selling your home, but how do you know when to accept an offer? The details differ with every transaction and seller, but plenty of common factors can help guide your decision. The more information you have, the easier it becomes to decide whether an offer is the right one for you.

• What Is Your Timeline?
  If you're moving for work or need to close the deal quickly, you may be willing to accept an offer for less than you might receive if you had more time to wait. However, that doesn't mean you have to take the first low-ball offer to come across the table! If a buyer makes a reasonable offer and has the funds ready to close the deal quickly, it may be worth seriously considering the offer.
• How Does the Offer Fit within the Current Real Estate Market?
  No matter the circumstances that lead to selling your home, your local real estate market's condition will play a significant role in the offers you can expect to receive – and in which offer is worth accepting. In a seller's market, you may be able to hold out for the best possible offers. It may make more sense to take an offer in a buyer's market if it's close to your asking price.
• How Many Offers Have You Received, and of What Quality?
  Ideally, you will receive multiple offers when selling your home and be able to choose the one that best fits your needs. If you receive multiple offers, it's wise to consider more than the overall price they're offering. 
• Is the Buyer Willing to Cover Closing Costs or Offering an All-Cash Purchase?
  If two offers meet or come close to your asking price, which should you accept? That depends on what else the buyers are offering. For example, a buyer may be willing to cover all closing costs, waive certain contingencies, or offer a straight cash purchase. Factors like these can make up for an offer that comes in at a below-asking price.
• Are You Willing to Assume the Added Costs of Keeping the Home on the Market?
  No matter what other factors influence whether you accept an offer, remember that keeping your home on the market comes with costs as well. While that shouldn't be enough to make you accept a truly substandard offer when selling your home, it's a good reason to be open-minded when a buyer makes an offer close to your asking price.

Ultimately, the decision on whether to accept or reject an offer when selling your home is a little different for every seller because it depends on your unique circumstances. Selling your home is much easier with the help of an experienced real estate agent who can help you make informed decisions based on all of the data available.

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