The real estate market is improving, and with that comes an increase in bidding wars for properties. Home sellers in sought-after neighborhoods shouldn’t have a problem selling their home. But if they want to get top dollar they are going to need to create a bidding war. Sellers interested in multiple offers for their homes must strategically set their marketing plans in place before listing the home. If you are a seller you have to be careful because incorrect marketing can cause this approach to backfire.
Analyze the Local Market. Research your neighborhood before listing your property. Find out how many homes are for sale, the median asking price and the number of foreclosures and short sales that are competing for buyers. Also note the list price and sale price differential of homes that sold in the past few months and which types of houses sell the fastest. Price your property just below the market
#1. Differentiate your Property.
Buyers make up their mind about a house within seconds of seeing it, which is why you want them to fall in love before they even get past the front door. Find your property’s unique features and highlight them in the listing. To start a bidding war, you have to convince buyers that your property has features not found anywhere else in the market. Take loads of pictures and post them on a web site you’ve created for your house. Include a floor plan and all pertinent information.
#2. Home Staging Upgrades the Home.
When buyers look at a potential home, they want to envision themselves already living there. With so many empty and foreclosed houses on the market, it’s important to make your property look comfortable and “lived in”. Stage the house with rented furniture and accessories, if it’s empty, to look inviting. It can cost a little bit of money to give the house a neutral coat of paint and get rid of all the clutter, or it could cost a lot of money to have a professional come in and furnish the home. But either way what you get in return for staging your home is a neat, decluttered house that that appeals to most tastes.
Stage an open house on a weekend for a limited time frame that have been advertised widely. Ensure a good turn out by stacking the deck. List the open house in the newspaper and, if you’re using a real estate agent, have her spread the word on the multiple listing service and in her office and also Invite friends to come to the open house and look around. Offer refreshments. Encourage potential buyers to linger. The more potential buyers see apparent interest from other parties, the more likely they are to jump in and make a bid. Create an atmosphere of demand so that offers pour in and the price escalates.