by Eric Peterson
on Thursday, April 25th, 2019 at 10:35am.
There's a saying in real estate your first offer is your best offer. It's not necessarily true.
We recently sold a home that was listed for $50,000 over the sold price of a home with an identical floor plan that sold a few months ago. Many buyers in our area are what we call the "Too Highs" meaning regardless of the price they will say it's "too high." It wasn't surprising we received 2 offers $25,000 below list price, both with an explanation that they were comparing our listing to the home that sold 6 months ago.
All Realtors have access to the same information. What makes a difference when you receive an offer (especially if the offer is low) is the knowledge and experience of your listing agent. It's easy for your listing agent to say your first offer is your best offer without understanding the market.
Because we have experience in the area we were able to gauge interest from buyers and open house activity. Rather than negotiate with either low-ball buyer we recommended waiting for a better offer. Sure enough a couple days later we received a full price offer the sellers accepted.