Spark A Bidding War
Ready to make a move? Have a certain figure in mind that you need to sell for? Depending on your market, you might be able to get a little more than the typical asking price of your home. Go over with your agent if setting a bidding war is smart for the sale of your home, and if they give the green light, here are a few things to consider to help get your sales price over asking after starting a bidding competition.
1. ATTRACT MORE BUYERS
When there is not much interest in a property, buyers get nervous and suspicious that there may be something wrong with the home that they may be missing, and that could sometimes be further from the truth. You want to price your home competitively to entice more showings. When you price your home right under the market standard, it leads to more showings, more appointments, and more excitement around your home.
2. PRICE IT TO MOVE IT
You want to make sure your price gets buyers interested in your property. Even if they end up paying more than asking, the excitement from feeling like they are getting a deal and landing your home sets the right mood for buyers to WANT your property. Always price the home in a way that is going to appeal to a large audience. Pricing a home at $399,900 can generally generate more foot traffic than one listed at $400,000. Advertising a home for sale that is listed for slightly under the market value can garner a lot of interest, which can lead to the home selling for more than what the seller originally wanted.
3. START UP THE BUZZ
Make sure you work with an agent that has the ability to start up a “coming-soon buzz” around your home. You want to let the market know that your home is going to be hit the market soon to start up conversation and interest. This gives time for word about your home to spread to get more foot traffic and competition on your house.
4. STAGING IS KEY
It is without question that getting over market value for your home requires it being in tip-top condition. Discuss with your agent the importance of having your home professionally cleaned and staged to attract more buyers. Starting up a buzz won't lead to much if buyers walk into your home and are turned off by odors, unappealing lighting, or rooms that are not properly staged. You want to allow buyers an opportunity to see your home in the best light the first time they walk through your door.
5. CREATE A DEADLINE
Have your agent set a deadline for offers, say a Monday or Tuesday, right after a weekend of doing open houses. This can generate a sense of urgency around your home, letting buyers think there is a large amount of interest and encourage them to get offers in quickly. Setting up this state of urgency generally makes them want to put their best foot forward with their first offer.
6. SWEETEN THE DEAL
To generate a little more excitement and foot traffic, you can offer an incentive for whomever purchases the home, or set a fun giveaway during an open house. Some people have given away cars, tickets to a major event like the Super Bowl or vacation tickets, etc. Doing an out-of-the-box giveaway helps to generate organic buzz around your home. Some giveaways have even landed seller's homes in the local news. More buzz means more potential buyers, which means a potential opportunity for a bidding war to get you a better sales price.
