Special offer

How to Create a Bidding War for Your Home

By
Real Estate Agent with Coldwell Banker Realty/Coldwell Banker Commercial NRT 30SA0872839 

Creating a bidding war for your home can drive up the selling price and potentially lead to a quicker sale. Here are some strategies to generate high interest and multiple offers:

1. Price Your Home Competitively

  • Set an Attractive Price: Price your home slightly below its market value to attract more buyers. A lower starting price can generate a sense of urgency and interest.
  • Analyze Comparable Sales: Work with your real estate agent to analyze recent sales of similar homes in your area to set a competitive price.

2. Stage Your Home Effectively

  • Enhance Curb Appeal: Ensure the exterior of your home is well-maintained and inviting. Consider landscaping, painting the front door, and adding attractive outdoor lighting.
  • Declutter and Depersonalize: Remove personal items and excess furniture to make your home appear more spacious and allow potential buyers to envision themselves living there.
  • Professional Staging: Consider hiring a professional stager to highlight your home’s best features and create an appealing environment.

3. High-Quality Photos and Videos

  • Professional Photography: Invest in high-quality photos that showcase your home in the best light.
  • Virtual Tours and Videos: Create virtual tours or video walkthroughs to allow potential buyers to explore your home online.

4. Market Your Home Aggressively

  • Online Listings: Ensure your home is listed on major real estate websites like Zillow, Realtor.com, and Redfin.
  • Social Media Promotion: Utilize social media platforms to reach a wider audience. Share your listing and encourage friends and family to do the same.
  • Open Houses: Host open houses to attract multiple potential buyers simultaneously. Consider a "mega open house" with refreshments and extended hours to draw more visitors.

5. Timing the Market

  • List During Peak Seasons: The spring and early summer months are typically the busiest times in the real estate market. Listing during these periods can increase buyer interest.
  • Create a Sense of Urgency: Set a deadline for offers to encourage buyers to act quickly. For example, list your home on a Thursday and set a deadline for offers by Monday.

6. Offer Flexible Showing Times

  • Accommodate Schedules: Make it easy for potential buyers to view your home by offering flexible showing times, including evenings and weekends.
  • Quick Responses: Respond promptly to showing requests to ensure buyers can see your home as soon as possible.

7. Highlight Unique Features

  • Emphasize Upgrades: Highlight any recent upgrades, renovations, or unique features of your home in your listing description and during showings.
  • Local Amenities: Mention nearby amenities such as schools, parks, shopping centers, and public transportation.

8. Create a Competitive Environment

  • Set a Deadline: Establish a deadline for offer submissions to create a sense of competition among buyers.
  • Review Offers Simultaneously: Inform potential buyers that all offers will be reviewed at the same time, increasing the likelihood of multiple offers.

9. Leverage Your Real Estate Agent’s Network

  • Agent Outreach: Have your real estate agent reach out to their network of agents and potential buyers to generate interest before the home hits the market.
  • Broker Open Houses: Host open houses specifically for real estate agents to encourage them to bring their buyers.

10. Consider a Pre-Listing Appraisal

  • Set Realistic Expectations: A pre-listing appraisal can provide an accurate valuation of your home, helping you set a competitive price and justify your asking price to buyers.

By implementing these strategies, you can create a sense of urgency and competition among buyers, increasing the likelihood of receiving multiple offers and achieving a higher selling price for your home.

Gwen Fowler SC Lakes & Mountains 864-710-4518
Gwen Fowler Real Estate, Inc - Walhalla, SC
Gwen Fowler Real Estate, Inc.

I would add, giving at least 1 weekend on the market with an open house.  Consumers are confused with all the discussions on the news and they would like to see homes but do not want to commit to the agent on the first house they want to see.  Open houses are starting to be the way to get an introduction without the marriage.

May 26, 2024 08:42 AM
Thomas Santore Lic Associate Real Estate Broker

Interesting thought

Thank you,

Tom S

 

May 26, 2024 10:14 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Thomas, great information to more people to pay attention to your listing!!!

Create a Sense of Urgency: Set a deadline for offers to encourage buyers to act quickly. For example, list your home on a Thursday and set a deadline for offers by Monday.

May 26, 2024 09:53 AM
Thomas Santore Lic Associate Real Estate Broker

Thank you,

Tom S

May 26, 2024 10:15 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

A great advice for sure. Thanks for sharing, make it a great Sunday and enjoy your Holiday weekend!

Bill Salvatore, Realtor- Arizona Elite Properties

May 26, 2024 11:40 AM
Thomas Santore Lic Associate Real Estate Broker

Thank you,

Tom S

May 26, 2024 01:37 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
May 27, 2024 03:01 AM
Thomas Santore Lic Associate Real Estate Broker

Thank you,

Tom S

May 27, 2024 05:55 AM