Waiting for an offer on your home can be like watching paint dry – it can take ages.
However, if you are one of the lucky ones and receive an offer early into marketing your property, you are faced with the conundrum of either snapping their hand off and taking the cash to help you move into your next home or project or sitting on it and hoping others follow suit and make a firm bid.
Like most things in life, it is always a good idea to get a second and professional opinion.
Talk to your estate agent and gage their response, after all, that’s what you’re paying them for!
Whether you take their advice or not is really down to trust, as director of Chapplins Kerry Applin explains:
‘If you originally chose your selected estate agent purely because they were the cheapest, or because they obligingly gave you a higher valuation than anyone else, then perhaps their advice will not be as helpful as others.
‘After all, agents who routinely overvalue in order to gain the instruction are not being strictly honest with their clients at the very outset of the relationship.
‘By the same token, with agents who quote the lowest fees, there’s always the risk, or at least the suspicion, that they may have based their own business model on quantity rather than quality.
‘In other words, they may be keen to secure quick sales at almost any price, rather than invest the extra time and effort required to do the best job for their clients.’
However, if you have chosen your agent wisely, either on the basis of their professional reputation or through personal recommendation, then it is recommended that you trust their advice.
After all, they are the experts on the local property market, and not you.
You will naturally want to get the best possible price for your most valuable asset, so it’s always tempting to believe that there are higher offers just around the corner.
You could always try hedging your bets by accepting this first offer while keeping your home on the market, but this has its consequences.
‘I would be very cautious about doing this,’ said Kerry, ‘not least because your agent would be obliged to inform your buyers of the fact, in writing – and you could end up losing them.’
Given the current state of the market, if you are fortunate enough to have received a reasonable offer on your home it is advised to take it and you will know how much you can afford to spend on your next purchase.
If you would like more expert advice, please call Kerry or a member of his team at Chapplin’s Havant office, on (023) 9248 2261 and they will be happy to help.