FIRST OFFER ON PROPERTY – A CHALLEGE!

Buyers can always make their purchase happen being the first to offer on a property if they consider the market value and offer close to that figure.    Most important, for buyers, is always buying a property for the right price – i.e. close to the market value or much less than the value of the property.    The seller, however, will certainly reject any very low offer then the buyer does not get a chance to buy their chosen property. If a buyer comes in close to the market value, they then have a much better chance of securing the property.
It is often quite a task for buyers who are the first to ‘put in an offer’ on a property for sale as the buyer does feel that the seller may decide to reject their offer, waiting on a better one to come in later. This of course can happen as emotions do run wild when buying property and also a cash buyer has quite strong negotiating powers.
So, from a buyers point of view, yes, it is often seen to be better to wait, however this is fraught with challenges as you may actually miss out on the property because of the needs of the seller. Always consider your offer wisely and ensure it is based on market value. This is a win win for both parties as the bank will recognise the value of the property. Also, in the long term, buying for the market value ensures the property values have a chance of being maintained for a future sale of the property.
If a listing agent has done their research, they will know the market value of property they list and if an offer is close to that market value, then there should be serious consultation with the seller in regard to the first offer.     So, don’t be put off by ‘a first offer’ scenario, it can work for you!

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