If you are planning on selling your home in the near future, you owe it to yourself to learn how to increase your chances of receiving multiple offers on your home. When multiple buyers make bids on your property, the odds of selling your home quickly and for more money increase greatly. Sometimes, full price offers or offers over asking price are even possible.
Before we dive deep into the ways we can create multiple offer situations, I would like to point out that the state of the real estate market in your local area has a big impact on the number of offers you will receive.
How To Increase Your Chances of Receiving Multiple Offers
The real estate market fluctuates between a buyer’s market, a balanced market, and a seller’s market. The last two markets are the types of markets that can encourage multiple offer situations.
Good news! This year is forecast to be low on inventory, placing most of the county in a seller’s market. Here is what you and your Realtor should be doing to increase your chances of a multiple offers in 2017:
- Properly present your home for sale. Homes that garner multiple offers are very clean and well maintained. They have been properly de-cluttered, repainted and staged for buyers. Your home should look like a home out of an HGTV show. Your home should blow every other home away in your price range.
- Correctly price your property. Many Realtors believe pricing slightly below the home’s true fair market value will crank up the buyers’ interest. If your home is seeing little traffic or few showings in the first two weeks, consider a pricing change before all the excitement of your listing fades along with the chance of receiving multiple offers.
- Make sure your home gets the exposure it deserves. Your Realtor should have a marketing plan ready for your property. It should include much more than posting your home on the MLS and praying for an offer. A proper marketing plan should include professional photography and aggressive use of online marketing.
- Use a knowledgeable Realtor. As a Realtor, I am often astonished by how little effort some other agents put forth for their clients. Do yourself a favor. Interview your Realtor, and make sure they are in it to win it.
- Make the home available. In order for buyers to make an offer, they will need to see your property. The easier it is for your agent and other agents to schedule showings, the easier it will be to keep more eyes on your home. Smart Realtors may even schedule multiple showings at the same time or near the same time. Buyers seeing other buyers can spark multiple offers.
- Consider a pre-inspection. If your home is in fantastic shape, don’t be afraid to show it off. A good pre-inspection that buyers can view is a great way to entice buyers and keep deals with contingencies low.
Not every property sold will receive multiple offers, nor will every seller be able to complete everything on the list above. If it makes little sense for your property to be pre-inspected, focus more on the other ways you can receive multiple offers. Every situation is different, so use the resources of your Realtor to help focus on the most important ways you can encourage a multiple offer situation.
Do you have any questions about how to inspire multiple offers on your home? I would love to hear about them in the comments.