Take the offer?
You're selling. Offers arrive one a week. Take one, or wait for something better, but every week costs you money.
Your listing
A detached house in Brant Hills
Listed at $992,000. Homes here sell for about 98% of asking right now (competitive). Waiting costs about $1,200 a week in mortgage, tax and utilities.
Ouch. After 2 weeks of carrying costs you keep about $941,600. The best choice was offer 3 ($977,000 in week 3), worth about $973,400.
All five offers
| Week | Offer | Conditions | What happened |
|---|---|---|---|
| 1 | $945,000 | Firm | Would have closed |
| 2 | $944,000 | Financing, Inspection | Would have closed |
| 3 | $977,000 | Firm | Would have closed |
| 4 | $980,000 | Financing, Inspection | Would have fallen through |
| 5 | $961,000 | Financing, Inspection | Would have closed |
The lesson: a firm offer can beat a higher conditional one, and waiting has a cost. In a busy market, offers can climb. In a slow one, they can slide.
Practice game based on Brant Hills's real sold-to-asking ratio from TRREB. The offers are made up. It's not advice or an evaluation of any home. No prizes.
In a real sale, the number of offers must be shared with every buyer making one, but the details of other offers are shared only if the seller agrees in writing.