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2019-01-24 15:00:45
How to Incite a Bidding War on Your Home

As the economy remains strong in most places, experts are predicting that the housing market in 2019 will continue to be categorized as a seller’s market, meaning that there is a relatively low inventory of homes for sale compared to the number of buyers. Therefore, if you are planning to sell your home this year and are hoping to get top dollar, there is plenty of reason to be optimistic. In fact, bidding wars are not uncommon in seller’s markets, which may yield a selling price that far exceeds a home’s asking price.

While it is always important to consult your realtor--as the success of certain home-selling techniques depends on the housing market in your area and your particular property--the following strategies may be used to help spark a bidding war on your home:

  • Set the initial listing price slightly below market value. While it may seem counterintuitive (and even risky) to set a low initial price for your home when you are hoping to ultimately receive a sales price above market value, a lower price could be the key to generating the intense buyer interest needed to trigger a bidding war. In a seller’s market, a listing price that is approximately 5 percent below market value could lead to multiple showings in the home’s first couple days on the market. Once buyers fall in love with your home, they may increase their offers in order to win out over other interested buyers.
  • Create a buzz before listing your home. Work with your realtor to begin advertising your home before it hits the market. This may include adding it to the MLS but noting that showings may not be scheduled yet, creating a separate website for your home and/or advertising it via social media, and hosting an open house for realtors. These proactive steps will ensure that as soon as your home is listed, several potential buyers and agents will be pining to see it.
  • Ensure that your home is in prime condition before it is viewed by any potential buyers or their agents. If a bidding war is going to erupt, it will almost certainly happen within the first several days that the home is on the market. Therefore, to maximize buyer interest, it’s essential that your home is in stellar condition as soon as it is listed. Make sure that it is thoroughly cleaned and decluttered and all necessary repairs have been made. Consider working with your agent to stage the home, even if it requires hiring a professional stager. Taking all possible steps to help buyers envision themselves living in your home will ensure that the property is as competitive as possible.
  • If you succeed in generating a great deal of initial buyer interest, set a deadline for offers. It may be best to only do this once you have received more than one offer, or at least have gotten strong indications from buyers’ agents that offers are forthcoming. In this enviable situation, notifying all potential buyers that the property has received a significant amount of interest and that they must submit their offers by a set deadline may encourage them to raise their offer prices.
Sources:  mashvisor.com realtor.com
 
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