Ready to make a move? Have a certain figure in mind that you need to sell for? You might be able to get more than you think! Go over with your agent if setting a bidding war is smart for the sale of your home, and if they give the green light, here are a few things to consider to help get your sales price over asking after starting a bidding competition.
- ATTRACT MORE BUYERS
When there isn’t much interest in a property, buyers get nervous and suspicious that there may be something wrong with the home that they may be missing. You want to price your home competitively to entice more showings. When you price your home right under the market standard, it leads to more showings, more appointments, and more excitement around your home. Many sellers I speak to tend to think that a buyer’s initial offer will always be below the list price, but this isn’t the case. The KC market is very much a seller’s market right now, with few houses on the market in comparison to the number of buyers looking for a property. Pricing your home just below the competition will encourage more offers, leading to competition between buyers and higher offer prices.
- START UP THE BUZZ
Make sure you work with an agent that has the ability to start up a coming soon buzz around your home. You want to let the market know that your home is going to be coming soon, and start up conversation and interest. This gives time for word about your home to spread to get more foot traffic and competition on your house. I always start out my listings with a “Pre-MLS” marketing campaign, designed to get prospective buyers excited about the upcoming listing.
- STAGING IS KEY
It’s without question that to get over market value for your home, it has to be in tip-top condition. Discuss with your agent the importance of having your home professionally cleaned and staged to attract more buyers. Starting up a buzz won’t lead to much if buyers walk into your home and are turned off by odors, unappealing lighting, or rooms that are not properly staged. You want to allow buyers and opportunity to see your home in the best light the first time they walk through your door. It helps to work with an agent who has an eye for design. Check out my Pinterest board for home staging for ideas -> https://bit.ly/2A2JF9c
- CREATE A DEADLINE
Have your agent set a deadline for offers, say a Monday or Tuesday, right after a weekend of doing open houses. This can generate a sense of urgency around your home, letting buyers think there is a large amount of interest and to get offers in quickly. Setting them up with this sense of urgency generally makes them want to put their best foot forward with their first offer. In this market, a good strategy is to list your home on a Thursday or Friday, follow with an Open House (or 2!) on Saturday and/or Sunday, then set a deadline for offers on Monday or Tuesday.
- SWEETEN THE DEAL
To generate a little more excitement and foot traffic, you can offer an incentive for whomever purchases the home. One thing you can do is offer an allowance of some sort. For example, say the house needs new carpet – you can offer a credit of $2500 for the buyers to use to replace the carpet. Another thing a seller can offer is to leave certain appliances that don’t usually stay with the home. Usually, the refrigerator and the washer/dryer do not stay with the home, and are an added expense to the buyers. Offering to leave those appliances makes purchasing your home more cost effective and convenient for the buyers. More incentive means more interested buyers, which means a potential opportunity for a bidding war to get you a better sales price.
Every home is unique and will work best with its own plan. In a fast-paced and competitive real estate market like we have in Kansas City, it’s a good idea to talk to your agent about the best strategy to get your home sold as quickly and for as much money as possible. If you have questions about what the process is like or what you may be able to get for your home, feel free to reach out. As always, I’m happy to help!