Should I accept the first offer on my house?

Photo credit "House for Sale" by 401(K) 2013

While it might be tempting to hold out for better offers, there are three particular situations in which you might want to accept the first offer on your home. The first thing to consider is the time of year. While spring is typically a hot time for real estate, the holiday season is often slow. If you receive an offer during this time, you should keep in mind that it might be quite a while before you get any more bites.

The second consideration is the length of time your home has been on the market. If your home has been on the market for more than three months, strongly consider taking the offer. If your home remains on the market for longer than this, potential buyers start to wonder what is wrong with it, and you don’t want that.

The third important factor is whether you've found a new home. If you need to sell your current property to move into your new one, accepting the first offer may be necessary. This could free you up for a smooth closing on an existing contract or give you the freedom to start shopping.