As a seller, the only thing better than getting an offer on your house is getting more than one offer on your house. When you have multiple buyers that are making offers your house, a bidding war can begin, driving up the sales prices of your house. This might sound too good to be true, but it’s not.
Real estate markets around the country are experiencing extreme seller’s markets right now. There is not enough inventory to meet the demand. This means many home sales are ending in bidding wars. If you want to create the perfect scenario to result in a bidding war follow these tips.
Price it Below Market Value
As a seller you want to sell your house for the most possible, so it can seem counter intuitive to price your house low. However, it is one of the best ways to spark a lot of interest around your house.
That means if you price a little lower than market value, you can actually improve your chance of selling higher. Buyers are looking for a great deal and when they find one, they are willing to fight for it in a bidding war.
Studies have found that pricing your house even 5% below the market value can help spark multiple offers. Once you have them, you can ask for each buyer to submit their “highest and best” offer by a set time period so you can compare between them all at once.
Have a Deadline for Offers
Another way to encourage multiple offers is to set a deadline on when you are accepting offers. If a buyer knows that they have limited time, they will be forced to take action if they are interested. Since there is a set deadline, there is a good chance that you will have multiple offers come in, especially if you price it just below market value.
Have a Strong Presentation
The majority of buyers are going to start looking for houses online. That means if you want to draw their attention, your house needs to stand out from all the other listings online.
One of the best ways to make this happen is to hire a professional real estate photographer and videographer. A lot of people are going to get tired of scrolling through picture after picture on house listings; however, if you have a video tour of your house, buyers will like it.
It is an easy way for them to get an understanding of what your house is like. The better the online presence of your house, the more interested buyers there will be.
Stage Your House
If you want multiple buyers to place offers on your house, you have to make sure that your house is as close to perfect as possible. That means before you put it on the market, you need to take the time to prepare it.
Make any necessary repairs, freshen up everything, and bring in a home stager. You want to make your house appeal to the most amount of buyers possible. Take the time to depersonalize and declutter the space. You want buyers to picture the house as their house.
The more interest you can create in your house, the better the chance that you will score multiple offers. Sparking a bidding war can be a great way to get your house to sell for over asking price. Talk to your real estate agent about your desire to spark a bidding war on your house.