Incite a Bidding War on your Home

4 min to read

This blog was written for a real estate client. 


Incite a Bidding War on your Home

If you’re selling a home in today’s market, you are in a prime position to attract multiple offers and possibly incite a bidding war.

In a seller’s market, where there are far more buyers than homes for sale, there is still no guarantee your home will attract multiple offers.

Did you know you can position your house to attract the highest number of buyers and possibly even incite a bidding war?

Here are some ways to generate quality interest and offers on your property:

Have an amazing real estate agent and learn your market

First things first, to set your bidding war strategy in motion, you’ll need the help of an experienced real estate agent to guide you through the home selling process and the current housing market. Navigating a bidding war is an intricate process and having a real estate agent on your team will generate buyer’s interest.

Establish your pricing strategy

Getting the right price on your home is the spark you need to bring in multiple offers and ignite a bidding war. Too low of a listing price, and it carries the risk of undervaluing your home, but too high, and it may cause buyers to lose interest and dissuade them from bidding on your home at all.

The right pricing strategy ensures that you catch the attention of as many buyers as possible. The buyers see an appealing price, become excited at the prospect of scoring a great deal, and put in an offer. If the price is right, you should see multiple offers roll in. The price you list is not necessarily the price you have to accept, especially if your pricing strategy is correct from the start.


Schedule a pre-listing inspection

Having a pre-listing inspection allows you to attract serious buyers and gives you an advantage over other sellers. It is a common practice for the buyer to request a home inspection as one of their contingencies when submitting an offer. By showing that your home has a pre-listing inspection report, you’ll be able to leverage your negotiating power avoid lengthy negotiations. As a bonus, if the pre-listing inspector doesn’t find significant defects, the buyer may choose not to get their own inspection done and waive their home inspection contingency, saving both parties time.


Put your best foot forward by enhancing your home’s curb appeal

If you want multiple offers, you need as many buyers to fall in love with your home as possible. A few simple and budget-friendly projects can easily improve your home’s exterior appearance. If you want to go all-out, consider hiring a professional to tackle the bigger projects, such as window washing or roof cleaning.


Use listing photos to your advantage

A professional real estate photographer will capture each room at the best angle and highlight its best features, which can help distinguish your listing from other homes on the market. You can also consider adding drone photography to your strategy to bring more value to your listing and to set yourself apart from other sellers. Aerial photos show your home from a unique perspective and give buyers a 360-degree view in a single shot. Consider using a 3D video walkthrough as well. With so many buyers searching, a video will increase the odds that even out-of-state buyers can get an immediate feel for your home.

Why not schedule the video and listing photos on the same day to cut down on your cleaning and prep time?

 

Be strategic about your scheduled showings

A way to maximize exposure is to ensure that your agent is attempting to schedule as many back-to-back showing requests as possible. If buyers see other potential buyers walking in and out of your home, this can incentivize them to make an offer. This strategy can generate multiple offers as buyers now have a sense of urgency, knowing they have limited timing.

 

Set a deadline for offers

With the number of accepted offers increasing and homes being sold in one week or less, having a deadline may also prompt buyers and agents to think strategically about their offers to make them stand out.

 

Posted on Jan 03, 2022

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