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For traditional sales, I would say YES it is, 85% of the time. And it's not because it's the first offer, it's because it's the earliest offer.In most markets these days, properties get reduced 1,2,or 3 times before they get sold (if they get sold).So would you rather negotiate before the 1st reduction? or after the 2nd? Timing is everything.
I've heard that as well and tend not to believe it. I think you have to take each situation case by case but no one can predict when or what the next offer will be.
I searched for a house with and without a realtor from June 2008 until I finally purchased in March 2010. Many of my offers were first offers. I am so happy the Sellers rejected my offers in 2008 and 2009. I know my offer was the best offer many Sellers received; however, they all wanted more. I watched as the listing price was reduced down to within a few % points of my offer and I politely declined telephone calls received months later from realtors stating that the Seller would like to renegotiate my rejected offer. If the Sellers had accepted my offers in 2008-2009, I would be underwater on my mortgage by about 20K-50K. I was patient and purchased a pre foreclosure dream house in excellent condition. Today, Zestimate lists my house at 30K above my purchase price. In this market, the first offer should not be ignored, rejected quickly or considered insulting. If we interviewed the twelve Sellers that rejected my offers in 2008-2009, I think each of them would acknowledge their mistake and greed. I thank them for their greed; otherwise, I'd be the one sleeping in a declining asset.
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