Receive and Negotiate Offers

Offers are your feedback on price and position. If you receive no offers, it may mean your home is overpriced. When you receive offers, depending on how many and how early you receive them, you are also receiving feedback on what the market thinks of your price. Offers beget other offers. When a buyer buys, they are immediately thinking about re-sale.

It's extremely important to price your home correctly from the start. Statistics show that the lower the days on market, the higher the sale price relative to list price. Your goal should be to price your home to sell as quickly as possible, even if you're not in a rush. Waiting for 'your price' will only result in a lower price. It's often said, the first offer is the best offer. Of course, that's not always the case, but the longer you are on the market, the lower the price you can expect on your home. A strong listing agent will know how to position your property to generate urgency among the many buyers who will see your home in the first few weeks.

The two questions buyers want to know when they walk in your house are:

• How long has it been on the market?

• Have you received any offers?

Why? Because they want to know how low they can make their offer and what kind of a 'deal' they can get. Do not give buyers that opportunity. Sell for the right reasons. Choose a pricing strategy that will sell your home fast and for the highest price and best terms.

Some other things to keep in mind:

• You have no obligation to accept any offer.

• Do not get too emotional and take it personally when you receive an offer that is lower than expected.

• Discuss the next steps with your listing agent and try to anticipate what the buyer's true intentions are.

• It should not always be just about the price. A higher priced offer may look great, but the terms may not be good for you.

• There are times when you should respond to an offer quickly and other times when you should not.