Why is that First Offer Always your best offer?
I have been selling “things” since I was 5 years old. And that is truly the phenomenon question of life. Why— is that first offer always the best? Why is it the most money or the best terms or the best you name it.
I’ve watched it time and time again over the years. Be it selling a car, horse, livestock, piece of furniture, or something as big as a house. Why do we all get spanked when we turn that first offer down?
And I have been guilty of it myself so don’t think I am so high and mighty I’m not! I had a horse years ago that everyone wanted. I would go to the horse shows and pass up an offer on her practically every show.
Well shortly thereafter I got pregnant had a kid life changed, and don’t get me wrong I still sold that horse for decent money but thousands of dollars less than what I had originally been offered. Yes I had my fun and that was certainly “worth” something and I had my ego of having something special. Can’t forget that! But it was still less money on sale day.
I watch people do it all the time with houses. I have to shake my head at one. Man was he holding out! He was not going to take 10k less for that house. Was it worth it you could have argued that one either way. Questionable home and questionable market. And this is not a question of right or wrong today this is just a question of life. This man was a lucky one. He did get his money eventually. After making 2 years worth of $1000 per month payments he did get that extra 10k for a price. So for $24,000 he got his 10k. Wow was it worth it ? And did he win or lose?
You know we all have to question when those offers come in. Is it what its worth? Can I get more? Am i being hosed by these people? Can I create more value? Will the market come up next week? Will it fall next week? And I guess those are the questions that can drive us crazy forever. Do your homework and know what range you’re going to fall into (it’s always a range) and its usually separated by a percentage point or so.
And then some where in your heart you have to find some comfort with those questions and come to a self compromise. Bottom line its a gamble. Maybe you can do better but your probably going to do worse statistics have proven that. I guess if you go to the casino and you keep sticking quarters in you will eventually win. So maybe that’s a good way to rationalize it. And I guess at some point you have to look at the cost of holding out and balance that with what the difference is with getting on with your life.
You know I think some-days those doors are left half-open for us just to see if were willing to be “giving” enough to take the chance and move forward. And while you’re sitting in the doorway of one door, the next door can never open. Funny how that works.
Maybe that’s why were spanked when we don’t take the chances when the doors are opened for us. And maybe that is why that first offer is always our best offer.
I sell homes in the North Idaho and Eastern Washington Market. To find out what your home is worth click here for your free Market Analysis.