The Real estate market is hot! With the Supply of homes at record lows Nationwide, prices are skyrocketing and homes are snapped up as soon as they are available. If you are selling a home right now, if you play your cards right, you are in the best position to receive multiple offers and potentially start a bidding war.
But even in a seller’s market that has far more buyers than properties for sale, there is no guarantee that your home will get multiple offers. How can you position your home in such a way that it attracts as many interested buyers as possible and maybe even starts a bidding war? Read on to find out.
Have a great real estate agent and understand your market
First things first, to get your bidding war strategy in motion, you need the help of an experienced real estate agent to guide you through the home selling process and current real estate market. Seasoned real estate agents know the pros and cons of the market and have the connections necessary to attract serious buyers and multiple offers. Managing a bidding war is a complicated process Real estate agent on your team will help create the excitement necessary to pique the buyer’s interest.
While you can’t control whether your region is in a seller’s or a buyer’s market, do your due diligence by speaking with a seasoned expert Real estate agent to better understand the current market. An agent can bring knowledge and insights about your neighborhood to guide your pricing and marketing strategies. Plus, you can keep your finger on the pulse of your neighborhood and react to changes in trends, prices, or competition that could affect your pricing strategy.
Establish your pricing strategy
Getting the price right for your home is the spark you need to put in multiple bids and start a bidding war. However, the wrong step could reset your entry. A list price that is too low carries the risk of undervaluing your home, but it is too high. This can cause buyers to lose interest and discourage them from bidding on your home in the first place. In order to increase demand and get multiple quotes, you need to properly evaluate your home from the start to reduce the number of days on the market. This means that in order to get high prices, you need to list your home at a fair or even slightly lower market value – essentially low prices. But whatever you do, don’t undercut your property value.
This pricing strategy ensures that you grab the attention of as many buyers as possible. Buyers see an attractive price, enjoy the prospect of making a lot, and make him an offer. If the price is right, multiple offers should be received. Note, however, that the price you set for your listing is not what you think is yours Home is worth it or the amount you hope to get, but the price you set to encourage other buyers to bid higher.
Schedule a pre-listing inspection
A pre-listing inspection allows you to attract serious buyers and gives you an edge over other sellers before your home even goes to market. It is common for the buyer to request one Home inspection as one of their contingencies when submitting an offer. However, by showing that your home has a pre-listing inspection report, you can leverage your bargaining power by assessing the condition of your home in advance and avoiding negotiating who will pay for what repairs. This also allows you to get a head start on repairs and communicate them to the buyer. If the inspector does not find any significant defects prior to listing, the buyer can choose not to conduct their own inspection and forego the option of a home inspection, saving both parties time. You should limit the number of factors that will cause buyers to withdraw from the deal. Being able to fix potential repairs before buyers find them will make your home more attractive.
Put your best foot forward by enhancing the attractiveness of your home
If you want multiple deals, you need as many buyers as possible to fall in love with your home. Buyers are more inclined to look at your home for its external appearance, and even if your interior is stunning, a home that isn’t attractive can lead them to pass your listing on. A few simple and budget friendly projects can easily spice up the appearance of your home. Ways you can improve your curb appeal include:
- Cut trees and shrubs around your entrance
- Keep your lawn freshly cut – especially before days show
- Update the numbers of your address in your house
- Replace obsolete lights
- Give your front door a good coat of paint
The aim is to convey to buyers that your home is being looked after both outside and inside.
Make your home a “must-have” with the staging
A well-staged home can make all the difference by enticing a buyer into clicking your photo and planning a walkthrough – or sharing it in full. The staging aims to attract buyers’ attention. If multiple people are interested in your home, a bidding war can be just around the corner. To put your home on a buyer’s “must-have” list, hire a professional stager or Concierge service at home to make your home as irresistible as possible. Even if your home is well cared for, the staging can make a world of difference in attracting a buyer’s attention. A professional knows how to incorporate popular design trends in your local market, and homebuyers want a home that reminds them of this Pinterest-worthy inspiration picture. This is especially important if your home is older and is up against new builds in your neighborhood. A professional staging of your home also helps buyers imagine moving in directly and makes all the difference when they make an offer.
Use the listing of photos to your advantage
A picture is worth a thousand words. So if you want to submit multiple offers, make sure to present your listing in the best possible way with professional offer photos. Listing photos is a powerful marketing tool High quality, professional-quality imagery is known to help sell homes faster and for more money. A professional real estate photographer will capture each room at the best possible angle and highlight its best features, which will help you differentiate your listing from other homes in the market.
You can also consider adding drone photography to your strategy to add more value to your listing and to stand out from other sellers. Aerial photos show your home from a unique perspective and give buyers a 360-degree view in a single shot. After all, homebuyers browse and compare dozens of listings online, and if your photos don’t get noticed right away, you can miss out on clicks, ads, and most importantly, deals.
Build buyer interest In front* listing
You don’t have to wait for your home to go to market before attracting interest. You can excite buyers In front even listing your home. You can use this strategy to increase the number of buyers waiting to see your listing. If they are serious home buyers, they most likely would have done their homework and are ready to make an offer once they have seen your home in person. Additionally, your real estate agent can potentially help spark interest and get your bidding war strategy rolling by informing their followers on social media, sending blasts of emails to their contacts, or contacting interested parties.
* Premarketing is not available in all locations and is subject to local laws, rules and regulations.
Add an interactive virtual walkthrough to your listing
With a Complete 3D solutionBuyers can explore every nook and cranny of a home for sale without ever leaving their home. Not to mention, most buyers are now shopping for their homes online. So when you have a virtual tour of your home, your listing gets an instant benefit with added convenience. 3D walkthroughs can also expand your pool of buyers by showing your listing in more detail and in the best possible condition. To make sure you’re highlighting the best features of your home, prepare for your 3D walkthrough just as you would for a face-to-face open house.
A quick tip: if you schedule your virtual walkthrough shoot on the same day as your professional photoshoot, the cleaning time will be cut in half. You only have to clean and stage once so that your house is in perfect condition.
Be strategic about what you plan to do
The fear of missing out can be a key component of your bidding war strategy and can be used in planning ad requests after your home is on the market. Once your pricing has caught the attention of buyers, requests for demonstrations should come in. One way to maximize awareness is to make sure your agent tries to schedule as many consecutive ad requests as possible. When buyers see other potential buyers entering and leaving your home, it can be an incentive for them to make an offer. This strategy can result in multiple offers as buyers now have a sense of urgency and know that they have limited options to secure the home after the competition comes through the door.
Set a deadline for offers
Setting a deadline can help speed up the listing process and show buyers that you are serious about signing the home. With The number of accepted offers is increasing and the sale of houses within a week or lessA deadline can also encourage buyers and brokers to think strategically about their offerings in order to make them stand out. The time you commit to get the best possible deal depends on the type of property you own and the activity of the property market in your area. Your agent will help you set a deadline for a quote review that will be shared with all potential homebuyers so they know when to submit their best offer.