How to Create a Bidding War on Your Home

 

Nationally, nearly a third of all homes are selling above asking price, and the average amount of offers each home is receiving is 3.1. If you’re thinking about listing your home soon, here’s how you can drive demand and spark competition when you employ these tactics to create a bidding war on your home.

 

The correct way to price your home is to allow the market to create the price point. Rather than pricing your home what you think it’s worth, allow the market to drive the sale price for maximum exposure. Hire an experienced Realtor who will use comparable market data to determine the best price for your home, given its condition, location, and amenities relative to similar houses around it. The appropriate price for your home will generate buzz, create competition, and likely ensure your home will sell quickly, often with multiple offers.

 

Remove any potential hesitations buyers have by conducting a pre-inspection and addressing issues before potential buyers uncover them. Say you’ve been living in your home for over 20 years and have tried to maintain it as much as possible, but you’d like to know the exact condition of your home’s structural integrity and major systems before you put it on the market. Going ahead and getting a pre-inspection will put you ahead of the game.

 

Once you receive the report back, you have the option to fix any glaring issues you think might present a problem during the sale of your home.

 

According to a recent study from the National Association of Realtors, buyers’ agents reported staging a home increased the dollar value offered between 1% and 5%, compared to other similar homes on the market that were not staged.

 

Staging your home to maximize traffic flow, create a cozy environment and showcase your home’s square footage capability is one of the easiest ways to drive up competition on your listing. Consider staging all areas of your home, including bonus rooms, outdoor spaces and even garages, to show off the true potential of your home. Clear out storage areas to leave 30% empty to create the illusion of ample storage space.

 

Pressure wash your home if necessary, add seasonal florals/greenery to your front porch, and repaint your front door if it needs it to create welcoming first impression.

 

One of the easiest ways to drive up demand for a home is to take full advantage of promoting the property before the list date. Agents that use social media to create buzz ahead of the list date often have multiple showing requests ahead of time. Often times, a quick video or a handful of images showing off unique features of your home can do the trick to heighten interest among buyers.