Spring is here and that means a lot of people are out there house-hunting. Selling your house shouldn’t be the problem, but are you getting the best possible deal for it? With the demand high, basic economic principles state that prices should also increase, other things held constant. The best way to get the best price for your house is to spark a bidding war.
What is a bidding war? A bidding war simply means to lure as many interested parties in your house as possible, so much so that they will start to out-price each other just to get the property first. That way you get the highest price possible. Sort of like an auction. But it is not as easy as it sounds. Bidding wars can be very hectic and volatile. You have to be careful you don’t strike the wrong chords and lose your own war. Here, we will give you 5 important tips on how to spark the perfect bidding war.
We all want the highest price possible for our properties and you should also be careful of pricing too high in a way that would put off potential customers. Here we have to strike the perfect balance between very high prices and very low prices. Don’t price too high that you send potential customers out the window and also don’t price too low that you lose your desired profits. Try as much as you can to avoid the extremes. Try researching about average prices of houses in your area. Get in contact with real estate agents to get more in-depth knowledge about prices. That way it becomes a win-win situation for buyer and seller.
#2. Create a Curb Appeal.
What this means is that, you have to create the best outward appearance for your house that can be so pleasing to the eye of customers. Mow your front lawn, trim the flowers, station a mailbox in front etc. Anything that can attract customers like a metal to a magnet. After all, no one likes an eye-sore, so try as much as you can to create a good first impression. And you know what they say about first impressions.
#3. Upgrading the House.
Now that you have created a good first impression, don’t let it go to waste. Don’t hope that customers will judge the book by the cover, buying the house on the spot just based on the outside. Spend time and money in decorating and developing the house itself. Yes, it might cost a few bucks but that also increases the chances of getting an even higher price. Do that and you’ll have created the perfect recipe for a bidding war.
Perhaps even more important than the price of the house is the location. No matter how well built and furnished your house is, if it’s not in a conducive environment that is easily accessible and has good infrastructure and services, it will be difficult to sell it. People want houses that are close to schools, hospitals, big markets, entertainment and recreational places. So if you have a property around those areas your odds of creating a healthy bidding war certainly goes up.
It’s great having a beautiful property to sell but you also have to make people aware of it. Create networks with savvy realtors and agencies to get the word out for you to interested parties. You are going to have to do way more than just posting a “For Sale” sign on it. Explore all options like social media and the internet. The more people know about it, the more customers you are likely to have. Then you can sit back and enjoy the war.