If you’re selling a home in Lake George or elsewhere and you get an offer, how do you know if you should take it? Specifically, should you accept the first offer that comes in, or hold out for something better?
As with so much in real estate, it depends on the exact circumstances, but there are some elements to take into consideration, and questions to ask yourself that will guide you to the right decision.
The Timing
Typically, you’ll need to respond to the offer either way within a specified timeframe, maybe a day or two. If you have extenuating circumstances – like your partner is out of town and can’t be reached to discuss this important decision – you can communicate this and ask for a more appropriate timeframe for you.
Maybe you’re under a ticking clock, because you already have another house under contract, or you need to sell your current house because of divorce or your needing to relocate quickly for another reason. On the other hand, maybe your listing is brand new, and you’re not in a hurry.
Today’s Lake George area market continues to see limited inventory, so there is a good chance you might get more than one offer.
The Sellability of the House
If you live near train tracks, or there is an otherwise glaring challenge in the way of selling your home, you may be more inclined to accept the first offer that comes your way. The same logic applies if your home appeals to a super niche demographic, or if there is a limited buyer pool in general.
Current Market Conditions
Research current market conditions so that you know if the offer is in line with what similar houses are selling for in your area right now. In Lake George for example, the average home value is $506,751 as of August 2023, according to Zillow.
While the first offer tends to be the best offer, and there is no guarantee that there will be more, you generally do not want to accept an offer that is significantly below market value.
Along the same token, if a similar home in your neighborhood just sold for less than you’re asking for yours, you might want to accept the offer.
How Long Has the House Been on the Market?
A general rule of thumb is that if your house has been on the market for three months or more you should likely accept an offer that comes your way. Buyers tend to be wary of houses that have been on the market for a long time, particularly in today’s climate when a home can receive an offer within days of being listed – or hours.
A Note on Countering
You can look at the offer and counter with another, but this does carry some risk. The potential buyer could choose to simply walk away.
What Does Your Intuition Say?
Maybe you’ve read all of the above and are thinking, that all makes sense, but the buyer really stands out for some reason. Or, price is not in fact your top priority, and there are other aspects of the offer that are appealing – like it’s all cash. Or, maybe there are contingencies in the offer at play to reflect on, like they want the washer and dryer included with the sale.
These situations are unique, and there may be a part of the equation that these questions to ask yourself doesn’t take into consideration. If your gut is leaning one way or the other, trust yourself – and your agent.
In the end, these tips apply to the ultimate offer you feel is best for you. Your agent can help guide you to the right choice for you, your family, and your particular circumstances.
What Does Your Real Estate Agent Think?
Lean on your real estate agent for exactly these sort of situations. They know the local market better than anyone, and are apprised of your personal situation.
Looking to sell your house? I’m a top Lake George real estate agent with years of experience in the region, and I’m also a certified Home Staging Professional.
