You've no doubt heard the saying "A wise man learns from his own mistakes, and a really wise man learns from the mistakes of others". Here is a rather painfull real life lesson that a local seller just learned. Their home was put on the market at $1,300,000 about 30 days ago (I changed the price slightly to protect their privacy). They had several people look at the home the first week it went on the market, and received an offer immediately for $1,250,000. Of coures, the seller thought that since they had so many buyers look at it, that they would no doubt get multiple offers, and more than the asking price. So they decided to wait and not respond to the offer.After waiting two more weeks, no other offers materialized. Worse yet, the original buyer, no doubt offended at the lack of response from the seller, had moved on. Now the home has been on the market for more than 30 days, and they had to reduce their price to $1,200,000 or $50,000 below the offer they had on the table. Often you hear the old adage "the first offer is always the best offer". That is often true, and it was certainly true in this case. I can think of 50,000 reasons why they should have taken the first offer.