In a hot real estate market, sparking a bidding war can be the key to selling your home for way over the asking price.
While getting multiple offers may sound like a dream scenario, it actually takes careful strategy and preparation to incite that perfect storm of buyer competition. If your goal is to ignite an all-out bidding frenzy, here are some strategies you can take.
Price Your Home To Sell High
While it may seem counterintuitive, pricing your home slightly below market value is one of the best ways to attract a high number of prospective buyers and offers. A bang-for-your-buck listing price generates buzz and motivates house hunters to move quickly before the deal is gone. However, avoid pricing too low - leaving just 5 to 10% off fair market value is the pricing sweet spot.
Set a Deadline for Offers
Creating a strict deadline for offers puts urgency and time pressure on buyers to submit their highest bids rapidly. Publicize that you're only accepting offers for the first 5 to 7 days the home is on the market. Buyers get competitive, aiming to out-offer others with their "best and final" bid before that cutoff. After reviewing all offers, simply counter back with your ideal price or terms.
Improve Your Curb Appeal
You only get one opportunity to make a stellar first impression on buyers. Ensure your home's exterior is impeccably polished with a freshly landscaped yard, pristine paint or siding, and decorative plants framing the entryway. An inviting, move-in-ready facade nudges buyers' emotional desire and willingness to outbid competitors.
Invest in Quality Real Estate Photos
In today's digital home search era, real estate listings live or die by their photography quality. Hire a professional real estate photographer to capture your property in its most marketable light through HDR editing, drone shots, twilight exposures, and more. Gorgeous listing photos raise perceived home value while piquing buyer interest.
Market Your Home Aggressively
Don't overlook the power of ruthlessly promoting your listing across all available channels - MLS, social media, direct mail, etc. The greater your property's marketing reach and exposure, the higher the likelihood of going viral and attracting maximum buyer demand. Leverage the seller's agents' marketing capabilities to leave no prospective bidder untapped.
Invest in Home Staging
Elegantly staged interiors transform your listing photos into an inspiring vision that buyers can't resist. Whether DIY or professional staging, thoughtfully designing model rooms using trendy furniture and decor elicits an emotional "love at first sight" bond between buyers and your home that escalates motivation to outbid competitors.
