Kelly
Assuming that you have your home listed with a Realtor, you should have a list of homes that are your main competition. Whenever I am counseling a client we always look at the market from the buyer's perspective. What other homes are they looking at and how do we compare?

The other major factor is market time. The most showing activity occurs in the first two weeks on the market, so if the offer is the first one and you have been on the market a couple of weeks, chances are the offer it probably very close to market value. Most home owners overestimate the value of their property.

I would recommend asking your Realtor to talk with the buyer's agent. Ask them how long they have been looking, have they made any other offers, what other homes have they seen in the area (see if any of your primary competition comes up...it should). From those questions your Realtor should be able to determine if they really think that the offer is a fair one, or if they are low-balling you just to see what you will do.

Buyers that are serious (and these folks did write an offer), working with a Realtor that presents the offer that is complete (proof of downpayment, pre-approval letter, earnest money deposit, etc.) should be taken seriously. Buyers who are in the hunt for a home probably have a pretty good idea of market value.

OTOH, if you are selling without professional representation, you are facing some more significant challenges because you will not know the market data that will tell you if the buyers are just playing games.

Good luck.

Hi Kelly. You've already gotten some good advice from my colleagues but I wanted to chime in with a couple more things to think about.

First, since you're asking this question, I'm assuming you don't have a Realtor. One of the many benefits of having a professional real estate agent represent you is reviewing comparable home sales in your area and deciding on a realistic asking price from the get go. How did you decide on your asking price? Was it based on recent comparable home sales? Or, instead, based on what you wanted to get out of the house? The former is VERY relevant. The latter, not so much.

Without knowing more specifics, it's virtually impossible to recommend a next step. It seems to me that -- even in today's buyer's market -- buyers will typically expect a seller to counter their first offer (I'm assuming that the offer you're referring to is a first offer). As such, I might suggest that you consider making a counter-offer -- carefully considering a realistic asking price (based on recent comparable home sales in your area) and the buyers' offer.

If you'd like to chat about this further, feel free to call me direct at (610) 324-5240. Good luck and blessings to you!

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience" http://www.JudysFineHomes.com http://www.CollegevilleAreaHomes.com
CENTURY 21 Alliance
2828 Audubon Village Drive
Audubon PA 19403
O: 610.666.0202 x. 226
C: 610.324.5240 (preferred)
F: 610.666.1942

Kelly,
First thing you need to do is review the comparables. What have similar properties sold for? Were there any seller assists?
Right now, there are a lot of offers coming in asking for seller's assist. With the tax credit offered to first time buyers, they want to take advantage of the credit, but do not have the savings for closing costs.Having said that, when a full assist is needed, the offers should be closer to the asking price.
Questions that need answering are: How many days has the property been on the market? What has the activity been like? Is this the first offer?

If you would like to discuss this further, please feel free to call.

Emily Landis Torres
Re/max Central
1110 North Broad St
Lansdale, PA 19446
215-362-2260 x 1793
Direct: 267-640-2327
Emily@emilyshomeinfo.com http://www.emilyshomeinfo.com

Usualy your first offer is typicaly your best.

If the price you'd end up with is comparable to what other homes in your neighborhood have been sold for, then it might be smart to take it.

If you don't want to sell it for that price and/or you don't mind loosing the buyer, counter.