It’s all well and good when the property market is booming and you have time on your side.

But what if you need to sell your existing property so that you have enough cash by a certain date to settle on your new home or something more unfortunate like a divorce settlement or when the market has more sellers than buyers?

In times like these, deciding whether to accept or counter when you receive an offer to buy your property can be a tricky call to make. So, let’s look at the debate from both sides in more detail to help you decide which option is best for you.

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Sticking with an offer

When selling property there is an adage, the first offer tends to be the best offer and at least to a point, that’s right. Accepting an offer on one hand means your property will (save any unlikely disaster) sell, and you can move on to the next phase in your life.

This is a particularly good option if the price on offer already meets (or exceeds) your expectations. You’re not being greedy but are accepting an offer for your property that you feel is fair and that allows you to buy your next property or allocate the money to fund other projects.

On the flip side, you may be desperate to off-load the property for whatever reason, or there could seem to be no sign of any other offers coming through. Of course, the latter may be indicative of the seller having unreasonable price expectations.

Also if your property sits on the market for too long, others looking to buy will be showing restraint in their offers as they try to bag a bargain. As such, it may be a wise financial decision to accept the offer in hand, instead of holding on the property and its associated mortgage in the hope one of the other will make a better offer.

Pushing the price higher

Deciding to reject any offer in the hope of receiving a higher one is always a gamble. When choosing this option, you should consider both the overall strength of the property market in your area as well as the level of interest so far in your property.

Chances are that when property prices are rising strongly and you’ve had a flood of people through the door during inspections, holding out for a higher offer may not be a big risk at all.

The most enticing situation to hold out for is when you have more than one buyer competing for the property. In this case, you can play each buyer against the other until either you reach a price, you’re happy with or you hit the point at which one offer comes up trumps.

Of course, the ultimate decision of whether to accept or reject an offer or bid for your property really depends on your individual circumstances.

Leave emotions at the door and look solely at the facts of the situation and the level of interest in your property, then discuss the situation with your agent before making a decision that reflects what is best for you.

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This article does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.