The current housing market is very hot. Even as prices move north, homes are selling fast. Despite a fast-paced market like this, you can’t guarantee a home will sell fast or for a high price. So how can a seller push a home’s price over asking? By bringing in multiple offers.
Here are some tips on how to get your house in a bidding war.
Price Low to Sell High
Pricing the property low can be scary, but it will attract a lot of attention. This then generates multiple showings in the first few days on market. Hopefully, that will drive the multiple-offer situation that will result in an above asking offer.
Just listing at 5% below market value will get buyers in a frenzy. This strategy really depends on your particular market. You will also want to understand the ramifications of this strategy. It can be a risky move because if you don’t get multiple offers you may be left with offers lower than you would like.
Give a Deadline
Setting a deadline can get people moving. But you only want to do this when you know you are priced right.
To execute, you will need to have plenty of showings lined up and know that offers will come in. Waiting until at least two offers are on the table is best. Then you can update your MLS listing with a hard deadline for all offers.
Offer A Different View
Listings usually show a house with the same boring, standard images. A straight-on picture of the front of the house typically is the first one shown. But other angles could be more beneficial.
For example, a corner picture can be a great option that lets the potential buyer see two sides of the house. Or, you can highlight a special feature like your kitchen to really flaunt what you’ve got.
Also highlight special factors unique to your house. A wine cellar, an amazing master closet – anything that makes your house stand out should be highlighted in pictures.
Generate Interest Early
Social media is a great way to get buyers interested early. A mass email to all contacts, clients and agents can spread the word quickly.
You also can put the home in the multiple listing service, but do not allow any showings until the open house that weekend. Getting a little interest going is a good thing as you always want buzz for a new listing.
Go Big When You Open
Have your open house make a big splash. The goal is to create a memorable event that potential home buyers will not be able to stop thinking about. Building buzz around a property helps to generate multiple offers.
As home sellers, you want to be put yourself in a position to receive as many offers at as high a price as possible. But this situation does not happen when you decided to put a “for sale” sign in your front yard. Receiving multiple offers is a numbers game. The more people who see the house, and the more attractive the house is made out to, the more interest you will generate.
