Myth or Truth: Is Your First Offer on Real Estate Usually Your Best Offer?

When it comes to selling real estate, one phrase echoes often among seasoned realtors and experienced homeowners alike: “Your first offer is usually your best offer.” But is this nugget of wisdom true, or is it just another real estate myth that’s been passed down over generations? Myth or Truth: Is Your First Offer on Real Estate Usually Your Best Offer? By Joanna “JoJo” Jones. Sell Smart with JoJo™ Is Your First Offer Usually Your Best Offer?

Joanna "JoJo" Jones - Joanna "JoJo" Jones — Joanna JoJo Jones

In this blog, I will dive deep into the origins of this saying, examine both anecdotal and statistical evidence, weigh the psychological and economic factors at play, and ultimately answer the question: Should you take the first offer you receive, or is it worth holding out for more?

The Origins of the Phrase

The idea that the first offer is the best is a time-honored piece of advice in real estate. It likely stems from patterns observed by professionals over decades—namely, that buyers who make early offers are often highly motivated, well-prepared, and informed. These buyers may have already lost out on previous deals, have been watching the market closely, or simply know exactly what they want.

Many real estate agents frequently quote this phrase because of one simple fact: the longer a home sits on the market, the more likely it is to lose appeal and perceived value. But that’s not always the case. Let’s break it down.

Understanding the First Offer Phenomenon

The Psychology of the First Offer

Buyers who make the first move often do so because they’ve been actively searching and are ready to act. These offers can be strong because these buyers are typically:

Pre-approved for financing
Motivated by life events (job changes, school enrollment, etc.)
Experienced enough to recognize value quickly

From the seller’s perspective, receiving an offer early on—especially within days or weeks of listing—can be thrilling. It signals demand and can spark the hope of a quick, easy sale. But that’s where the dilemma begins. Should you accept, negotiate, or wait?

The Economics of Market Time

Time is a critical component in real estate. The longer a property is on the market, the more buyers may wonder: What’s wrong with it?

Statistics consistently show that homes tend to get the most attention during the first 2–3 weeks of listing. This is when your listing is fresh and has the most visibility on MLS platforms, Zillow, Realtor.com, and social media.

If the first offer comes in during this golden window, it’s likely from a serious buyer, eager to get to the closing table.

What the Data Says

Studies from real estate analytics platforms such as Zillow, Redfin, and the National Association of Realtors (NAR) back up the notion that first offers tend to be among the most competitive. Here are some quick stats:

A 2022 Redfin report showed that sellers who accepted the first offer in a hot market sold for 1.8% more, on average, than those who waited.
NAR’s 2023 data found that homes receiving early offers often sold quicker, with fewer contingencies, and closer to the original asking price.
A Zillow survey indicated that nearly 60% of homes that went under contract within the first two weeks sold at or above the list price.
These trends suggest that early offers are not only strong in value but also reduce the risk of prolonged sales which can lead to price reductions and concessions later.

When the First Offer Isn’t the Best: Despite all the stats and anecdotes, not all first offers are golden tickets.

Here’s when it might make sense to hold off:

The Offer is Significantly Below Asking; Lowball offers are common, especially in buyer’s markets. Some buyers test the waters to see if a seller is desperate or uninformed. In this case, rejecting or countering is fair.
Market Conditions Favor Sellers: If you’re in a strong seller’s market with low inventory and high demand, waiting for multiple offers might lead to a bidding war. If we expect a surge in interest, turning down the first offer could be a calculated risk worth taking.
Poor Buyer Qualifications: Is the buyer not pre-approved? Are there strange contingencies? If the offer comes with financial red flags or conditions that make closing uncertain, it may be smarter to wait.
Lack of Exposure: If the home hasn’t been listed long enough to attract a wide pool of buyers, or if the marketing of the property hasn’t hit full steam yet (e.g., no open houses, no professional photography), then it may be premature to jump on the first offer.

Case Studies: Real-Life Scenarios

Let’s look at a few examples to illustrate both sides of the argument:

Case Study: The Fast and Fair Offer

Jessica lists her suburban home at $480,000. Within three days, she receives an offer for $475,000 with no contingencies, a 30-day closing, and a large down payment. Her agent advises her to take it. She hesitates, thinking maybe more offers are coming. A week later, another offer comes in at $470,000 with inspection contingencies. Two weeks have passed, and no further offers have arrived. She accepts the first offer, only to find out the buyer moved on.

Lesson: A strong first offer might be as good as it gets.

Is Your First Offer Usually Your Best Offer?

Case Study: The Waiting Game Wins

Mike lists his home for $850,000. The first offer arrives at $820,000 with several repair contingencies. His agent advises holding for the weekend’s open house. Two more offers come in—one at full price and another at $860,000 with minimal contingencies.

Lesson: In hot markets, waiting can bring bigger rewards.

The Role of Your Realtor

Remember, one of the most important factors in evaluating an offer is the expertise of your real estate agent. As an expert agent, I do not act as a messenger, I am a strategist, and I have earned the reputation of being one of the best in Middle Georgia.

What I do: As a skilled, and strategic agent, I carefully assess the entire situation.

I assess the seriousness of the buyer.
I evaluate the competitiveness of the overall offer.
I consider the current and projected market conditions.
I examine how your property stacks up against current similar listings.

My Job is to help you analyze, not just accept or reject.

If you’re torn between taking that first offer or waiting it out, ask yourself these questions:

How does the offer compare to the listing price and recent comps?
What are the buyer’s financial qualifications?
How many showings or inquiries have there been?
Are you in a buyer’s or seller’s market?
How motivated are you to sell quickly?
What contingencies are in the offer?

These answers can give you clarity and direction.

Pros and Cons of Accepting the First Offer

✅ Pros:

Quick sale
Reduced carrying costs (mortgage, utilities, taxes)
Less stress and uncertainty
Strong buyer motivation

❌ Cons:

Potentially leaving money on the table
Limited buyer pool seen so far
The emotional feeling of “settling”
Possibly better offers if more time is allowed

What About Multiple Offers?

If your home garners multiple offers early on, congratulations—you’re in a strong position. This can lead to a bidding war but be cautious. The highest isn’t always the best.

Make sure to evaluate:

Contingencies
Closing timelines
Financing reliability

Sometimes, a slightly lower cash offer with fewer strings attached is better than a high offer likely to fall apart.

Is Your First Offer Usually Your Best Offer?

Final Verdict: Myth or Truth?

So—is your first offer usually your best offer?

Answer: It depends, but often, yes.

In many cases, especially in balanced or slow markets, the first offer tends to be among the most serious and competitive. Buyers who act fast usually do so because they’re prepared and eager. If the offer is fair, clean, and timely, it’s worth considering seriously.

But don’t treat it as gospel. We must evaluate each offer on its merit, with your goals and market conditions in mind, and I will guide your decision with knowledge and integrity.

Final Thoughts

Selling a home isn’t just a financial transaction, it’s often an emotional one. Whether it’s your first home, your dream home, or a property you’ve held onto for investment, deciding to sell can be filled with second guesses.

Remember: The goal isn’t just to sell fast. It’s to Sell Smart with JoJo™.

The first offer can be great—but only you, with my guidance, can decide if it’s the best one. Don’t rush, but don’t ignore the wisdom that time and experience have brought to the table either.

Properties in this market tend to sell quickly, and listing availability can change rapidly. Please verify the current status of any property you’re interested in, as listings may no longer be available at the time of viewing.

Need Expert Help?

Joanna “JoJo” Jones helps clients navigate every type of real estate contract. Whether you’re a buyer, seller, or investor, JoJo will make sure your interests are protected, and your deal goes smoothly.