When you sell your home, you want to sell it for as high of a price as possible, and there are few things that will drive a home price up quite like a bidding war.
A bidding war can create fierce competition for your home and drive the price well above your asking price or expectations. But as a seller, what can you do to increase the chances of a bidding war?
A recent article from realtor.com outlined strategies sellers can use to spark a bidding war as they sell their home, including:
- Generate interest before listing. Marketing your home in advance can help get buyers excited about the property; the more hype you build ahead of time, the more likely you are to field multiple offers when your home officially hits the market. As you’re preparing to list, talk to your agent and make sure they’re getting the word out about your property ahead of time by posting on social media, sending information to their mailing list, or reaching out to other agents to see if they have buyers that could be a good fit.
- Price your home a little low. People love a good deal. So, if you want to get multiple buyers interested in your property — and ultimately spark a bidding war and drive up the price — price your home competitively. It sounds counterintuitive, but pricing your home a little low can actually help it sell for more. Why? When you list your home at a competitive price point, chances are it will generate a lot of interest and showings when it hits the market. And because the price is reasonable, many of those buyers will likely make an offer, resulting in a bidding war, which can end up in getting yourself a higher sale price.
- Set a deadline for offers. People don’t want to miss out on their dream home. Setting a deadline for offers can create a sense of urgency, stopping buyers from dragging their feet, and giving them the encouragement they need to make a decision and submit an offer. Just keep in mind this strategy isn’t for every home sale; this makes the most sense when there’s a lot of interest in the property, and at least a few offers on the table.