Should you consider declining an offer to purchase your home?

by Carolyn Kay 12/31/2023

When should you consider declining a home purchase offer featured image

Embarking on the home selling journey is a huge undertaking which can be stressful at times. When an offer is submitted for your property, you may feel pressured to accept to keep the process rolling. However, it’s beneficial to review instances when it may be best to decline an offer, so you can maximize your earnings.

Review the local housing market

The housing market in your city or town is a major factor in the property selling journey. If you're selling your residence in a buyer's market, you likely face steep competition, meaning you may have to make adjustments to the price of your listing or be more open to a variety of offers.

Comparatively, if you're operating in a seller's market, there’s an abundance of buyers and a shortage of sellers in place. With these conditions it may be more beneficial to decline an undesirable offer as other potential buyers may submit a more favorable offer.

Understand the strengths of your home

Before listing your home, it’s vital to examine your home’s strengths and weaknesses to get a better understanding of how these may tie into the offers you may receive.

For example, if your home is newly renovated and is located near popular attractions, it may be best to decline a low offer as these positive aspects of your home are more likely to draw in other potential buyers who may offer more.

Consult a real estate agent

When in doubt, it’s best to consult a real estate agent, who can provide professional guidance on whether an offer is best accepted or left on the table. They can compare market trends and similar homes being sold in your area to help you determine if an offer is fair or falls short of expectation.

Even though the decision to accept or decline an offer for your home can be tough, doing research and relying on expert advice can help guide your choice.

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About the Author

Carolyn Kay

As a Real Estate professional, I specialize in helping my clients buy, rent or sell properties in Westchester County. I am passionate, dedicated and committed to my clients and my first priority is to provide them with first class service and guidance throughout the entire process. It has been said that I go above and beyond for my clients to get the deal closed! I have experience working with clients who have financed their purchases with either a conventional, VA or FHA loan and have a good understanding of how they work; no sale is too big or too small for me to take on. My family and I relocated to England for 2 ½ years, this was a wonderful experience but at the same time, it was overwhelming. I have first hand knowledge of the challenges as well as the positives in discovering a new community. I was born and raised in Scarsdale and once married, my husband and I decided to raise our two daughters here. Both of our daughters successfully graduated from the Scarsdale schools and are both married, living and working in Manhattan. After living in the same house for 30 years my husband and I took the leap, sold our home and bought and renovated a condo townhouse in another town. Once again we are discovering a new community and fully understand the highs and lows of selling a home we loved and buying and making a new home. I feel that my personal real estate experiences have made me more in tune with my client’s needs and therefore better able to help them navigate through the complex process. Please call me so that I can put my knowledge and experience to work for you.