How to Ignite a Bidding War for Your Home
The housing market is unpredictable, with low inventory, high prices, and fluctuating mortgage rates. In such a market, finding a buyer isn’t guaranteed. But here’s how you can spark bidding wars that drive your home’s price above the asking price.
Price Strategically
To start a bidding war, consider listing your home below its market value. It may seem risky, but as Morgan Franklin from United Real Estate Lexington suggests, a lower price can attract significant attention and multiple showings, potentially leading to offers above your asking price. Even a 5% reduction can create a buyer frenzy, but consult your agent to tailor this strategy to your market.
Set Offer Deadlines
Creating urgency can prompt potential buyers to act quickly. Set a deadline for offers, but only if you’re confident in your pricing and have interest lined up. Liane Jamason from Smith & Associates Real Estate advises waiting until you have at least two offers before announcing a deadline like, “Highest and best offers by Friday at 5 p.m.” This approach recently netted her a sale $16,000 over the asking price.
Boost Curb Appeal
First impressions matter. Enhancing your home’s exterior with attractive landscaping, fresh paint, and a welcoming front door can make it more desirable. Tamara Moritz from Coldwell Banker Realty states that today’s buyers are significantly influenced by curb appeal.
Revamp Listing Photos
Standard front-facing shots can be dull. Instead, choose photos that highlight unique features or angles of your home. Whitney Nicely from Whitney Buys Houses suggests that showing off special areas, like a stunning kitchen or inviting backyard, can capture attention and imagination.
Generate Pre-Listing Buzz
Build anticipation before your home hits the market. Use social media and email campaigns to create early interest. Tracey Hampson from Century 21 Troop Real Estate recommends listing your home early in the week but restricting showings until an open house, enhancing exclusivity and excitement.
Host an Extraordinary Open House
Make your open house unforgettable. Take inspiration from David Parnes and James Harris of “Million Dollar Listing,” who hosted a lavish event to sell a Hollywood Hills home. While you don’t need celebrity sparkle, Jamason suggests a “mega open house” with extensive signage, live music, unique attractions, and great food to draw crowds and interest.
By implementing these strategies, you can create competitive interest in your property, increasing the likelihood of a successful sale above your asking price.
KATIE WEDGE
Get in Touch! Connect with Katie
