Timing for Offer Review and Acceptance
How long should the Seller wait before accepting an offer?
Strategically priced townhome and condo properties should stay on the market for just a few days. In a fast moving Seller's Market, an experienced Realtor that has strategically priced a new-to-market duplex listing will tell buyer agents that the seller will review offers at a near-future date. This time period is usually 3 to 4 days from the list date. This allows time for other offers to accumulate which initiates the competitive bid-up process.
It's only natural that a buyer will make an initial offer based on the listed price, either just below or just above the asking price. Reality sets in very quickly as more offers come to the table.
Some buyers will resubmit an offer based on the latest highest & best offer, some buyers will drop out. The dust will settle after the 3 to 4 day accumulation period. The 4th day is usually called the "sweet spot" for when a seller should respond to the best current offer.