It depends on the circumstances really I believe. If you've priced it well or low and it's a great property, then you probibly have the oppourtunity to get another offer. Especially if its been on the market a short period of time. If it's been sitting for a period of time and you are unable to get people to view the property, then I would say Yes! Take the offer, get it closed, and move forward.
The other factor is the motivation of the Seller. Positive reasons and negative reasons for the sale effect what a Seller will accept.
For instance, a Seller who is losing their home psycologically wont care as much for what it sells for because they see it as the banks loss and not as much theirs (Once its at that point). A Seller who is moving for a job or a larger home will have preconceived notions of what they "need" to get out of the sale to move on into the next chapter in their life. (Buy a home in the other city, pay of debt to start new, etc.)
It really depends on each individual situation
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Think of it this way. How many days have you been on the market when you receive that first offer? Well, three weeks from now, it will be that plus twenty-one; will buyers think that it's become more valuable with extended market time?
The other comments are valid as well meaning it is situational. If the offer is way below what is reasonable of course you can probably do better. But, if it is just that you had wished that you could do better, you're better off getting real with that first offer.
The first offer isn't always the best but a bird in hand is better than 2 in the bush. Also, as you may know, the longer a property sits on the market, the less interest it generates. That said, it may be that the frequency of offers drops after the initial offer.
Cynthia I. Nakaya
Realtor, Tarbell, Realtors
12648 Limonite Avenue, Suite 2G
Corona, CA 92880
951.743.3321 Cell/ Text
License # 01818243
Short Sale Certified
Turning House Calls into Homes
Remember the best offer is not always the highest offer, cash beats financing and an offer with no continingincies beats one with alot of them. if you want a home inspection, make sure the inspection and results are no mor ethan 7 days from acceptance.
I have a blog with some more infomration
HOW TO GET YOUR OFFER ACCEPTED WHEN BUYING
It often is. However, it can become problematic sometimes when the offer comes in shortly after the property is listed.
The Sellers can feel like it's happening "too soon" and they're just not prepared for their move. Also, they may feel that the agent hasn't really "earned" his/her fee because finding a Buyer for the home didn't take a long time. Worse yet, the Sellers may feel that the asking price was set too low.
I really believe these are the times when a good agent proves their worth. (Notice I used the word "feel" a lot?) Sellers in this situation are operating from emotion. The Realtor needs to calmly address the offer and its merits, and also explain what could happen if the Seller decides to wait for another, better one. In a declining market, to get an offer early on is cause for celebration, not sorrow.
Century 21 Heritage Realty