Should I counter a low offer or wait for something better?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

It is often said that the first offer you receive when selling a home is likely to be the best offer you'll receive. Yet, experience shows this is not necessarily so. Recently a home seller in the Oakland Hills in Northern California received a low offer soon after he put his home on the market. The buyer liked the property, but he felt that he needed to make a lot of changes to make the house suit his needs. This was reflected in his low price. The seller countered the offer with a price and terms he could live with. The buyer backed out of the negotiation, which was fine with the seller because he wasn't enthusiastic about selling for less than his list price. A couple of weeks later, he received a full price offer from buyers who loved the property as it was, and a sale was made. Another seller received an offer from a buyer who was hoping for a huge price concession. Not only were the price and terms unacceptable to the seller, but also the buyers hadn't done their homework. Th...