Should You Accept a Buyer's Offer?

by Meg Burke 12/29/2019

Deciding whether to accept a buyer's offer to purchase your house can be exceedingly difficult. Fortunately, we're here to help you assess the pros and cons of a homebuying proposal and ensure you can make an informed decision.

Now, let's take a look at three tips to help you determine whether to accept an offer to buy your home.

1. Examine the Current Housing Market

The current housing market may play a role in your ability to stir up interest in your house. In addition, the real estate sector may impact whether you're able to receive multiple home offers at or above your residence's initial asking price.

To understand the present state of the housing market, you should look at the prices of recently sold houses in your city or town. If houses are selling quickly, you may be operating in a seller's market. Or, if houses linger on the market for many weeks or months before they sell, you may be operating in a buyer's market.

Ultimately, a seller's market may lead to many offers on your house in the foreseeable future. If you receive an offer that fails to match your expectations when you're operating in this type of market, you may want to decline or counter the proposal in the hopes of receiving superior offers down the line.

On the other hand, it usually requires hard work and persistence to sell a house in a buyer's market. And if you receive a competitive homebuying proposal in a buyer's market, you may want to accept this offer.

2. Consider Your Home's Condition

The condition of your house may prove to be a critical factor as you debate whether to accept an offer. If you assess your house's condition closely, you may be better equipped than ever before to make the best-possible decision about a homebuying proposal.

If you feel a home offer is fair based on the current condition of your house, you may want to accept the proposal. Conversely, if you feel a buyer has submitted a "lowball" proposal based on your home's condition, you should not hesitate to reject or counter this offer.

3. Consult with a Real Estate Agent

When it comes to evaluating a homebuying proposal, it generally is a good idea to collaborate with a real estate agent. This housing market professional can help you weigh the advantages and disadvantages of accepting an offer and determine the best course of action.

Typically, a real estate agent will present a buyer's offer to you and offer recommendations about how to proceed with this proposal. As you assess all of your options regarding a homebuying proposal, a real estate agent will be able to respond to any concerns or questions that you may have too.

Ready to take the guesswork out of reviewing a homebuying proposal? Use the aforementioned tips, and you can streamline the process of deciding whether to accept an offer to purchase your home.

About the Author
Author

Meg Burke

 Meg & Loudoun County: Back in 1993, we moved here from Pennsylvania, thinking we'd stay for a year or two -- now it's been well over twenty five! In the past I was a broadcast advertising rep (Philly market) and at-home mom, until in 2000, when I jumped into the real estate business. Even with all the ups & downs, I've loved this business ever since! I've raised two wonderful children in Loudoun County Public Schools (www.lcps.org); one is a recent VA Tech graduate, and the other graduated from UVA. I've come to know Northern Virginia well and truly enjoy calling Loudoun County "home." Northern Virginia, and Loudoun County in particular, expanded dramatically in the mid 2000's; but along with the rest of our nation, experienced the challenging real estate market contraction of the "great recession." Luckily, our area has been back in a solid growth trend in recent years, so we are seeing fewer distressed properties and both resale and new construction homes are selling well. Let me assure you: Even as it grows, Loudoun County continues to be a wonderful place to live! Where else can you live less than an hour from concerts at the Kennedy Center or Capitol Center, Smithsonian Museums, the AND the Appalachian Trail? Loudoun County Notes: One of Loudoun's strengths is that we have a broad-based economy. We are not just a federal government dependant suburb. For example, did you know that over 70% of the world's Internet traffic flows through Loudoun County daily? (https://biz.loudoun.gov/) Ask me about the 45 mile-long Washington & Old Dominion Trail, which is great for jogging, walking the dogs or even an all-day bike trek. https://www.novaparks.com/parks/washington-and-old-dominion-railroad-regional-park Do you enjoy wines? Loudoun County is home to award-winning vineyards, with a reputation that is growing every year. www.visitloudoun.org/things-to-do/wine-country/ Serious shopper? Then you must visit the Leesburg Corner Premium Outlets! The antique shops in Leesburg, Purcellville & Middleburg are fantastic. You won't want to miss my personal favorite: the Waterford Fair in October -- an outdoor juried crafts fair in historic Waterford. www.waterfordfoundation.org History buff? Gardener? Perhaps you would prefer to stroll the grounds of Oatlands Plantation, a National Trust for Historic Preservation property; tour Morven Park or Dodana Manor in Leesburg. The farm and garden tours each year are always fascinating and enjoyable. Country Fairs are still going strong in Loudoun County. The Leesburg Flower & Garden Festival in Apri (another one of my personal favorites); the Bluemont Fair in September; Octoberfest in Lovettsville;... These are just a few of the events to enjoy throughout the year. Loudoun County and Leesburg, the county seat, are frequently included in "best of" lists (http:\/\/money.cnn.com\/magazines\/moneymag\/best-places\/2013\/snapshots\/PL5144984.html ) (https://smartasset.com/mortgage/happiest-places-in-america) There is so much to enjoy in Loudoun. Come see for yourself. I'd be happy to show you around! There are so many reasons to enjoy living here, but remember, the market is still quite fluid and challenging. Let me help you navigate your way through the interesting and sometimes overwhelming resales, short sales, foreclosures and new construction. I take my profession seriously; and although I do have my bachelor's degree (U. Penn, back in 1981), I am constantly upgrading my professional education in order to provide you with the most informed and up-to-date real estate support. Please remember: whether you or your friends are interested in buying or selling, MOVE WITH MEG! Let me help you make this a positive experience for you -- both for your family and your finances!