Selling your home – should you accept the first offer?

The excitement and relief of getting that first offer on your house is immense.

But after the initial jubilation there often comes an element of doubt. It’s the first offer – should you accept it?

While many sellers may be tempted to wait for a better offer, particularly if they have only recently put their house on the market, the advice from estate agent Harrison Murray is that if you have chosen your agent carefully, trust their advice and accept.

Managing director Nick Salmon said: “The most important part of the whole property selling journey is choosing your agent wisely in the first instance, and then to trust their professional advice. It is, after all, their reputation which is at stake.

“Your agent should be fully aware of what is happening in the market locally, and as the expert should be able to advise you on the most realistic selling price.

Nick added: “There are agents who will deliberately over-value a property, which leaves the seller feeling uneasy about accepting an offer that doesn’t match the valuation or expectation. Naturally, as a seller you want to get the best possible price for your most valuable asset.

“Realistic pricing – agreed between the seller and agent – will achieve a positive outcome for both parties. While many sellers may be tempted to ‘hold out’ for a better offer, I believe that a reasonable first offer needs serious consideration and means sellers have a clearer idea of how much they can afford to spend on their next purchase.

“There is a saying in the estate agency industry which goes: ‘The first offer is often the best offer’ and it’s as true today as it has ever been. That doesn’t mean that a first offer, if it’s way below the asking price, should be accepted without negotiation and a good agent will always attempt to extract the best price from the buyer.

“However, in this market a willing and able buyer is a relative rarity and sellers should not necessarily expect another one to be just around the corner. ”

Harrison Murray have 18 branches across Bedfordshire, Cambridgeshire, Leicestershire, Northamptonshire and the Homes Counties. They are members of the National Association of Estate Agents and the Property Ombudsman Scheme.

For more information, visit: harrisonmurray.co.uk