This is always a huge question when it comes to selling your home. A lot of people wonder if they should hold out for another offer but, in this market my advice would be to NEGOTIATE the first offer.
There are several factors that may influence your decision to accept a purchase offer such as the market conditions, the length of time the property has been listed, the terms, and how motivated you are to sell. When a home is first put on the market, it receives the most attention from the largest number of people in a short period of time. At this point, a potential buyer is more likely to make an aggressive offer hoping the seller will accept it instead of waiting for a better bid. In a hot sellers market, you may receive multiple offers in which case you can review all the bids and choose the one that best meets your selling needs. Sometimes the first or the highest offer may not be the best choice. Now a days, sellers are seeing low offers, buyers asking for closing costs, or contingencies in the contract (dealing with the sale of their home). Again, start with negotiation because it might be a while until you see another offer. That is why you hire a professional real estate broker who knows your market, your selling goals, and is objective about this business deal.
Right now we are still in what is called a buyers market. This is when the market is slow and there are fewer buyers then homes for sale, buyers can be choosier. Keep in mind, in a buyers market it is important to price your house at market value, detach yourself form the house, have it show well, and try not to get offended by lower offers. You don't have to accept the first offer as is, but be open to negotiation. And if you are pressed to sell, any reasonable offers are worthwhile to consider.
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