How To Get Multiple Offers On Your Home
The real estate market is in solid standing right now! With low-interest rates, incredibly free lending standards, and a dropping foreclosure rate, home sales have been going up nationwide. That doesn’t mean that selling your home will be easy. As a seller, you still have to put in the work to get your home sold. But, what does that mean? How can you get multiple offers on your home? What does a seller have to do to get that kind of attention?
Every seller wants their home to be on the market for as few days as possible before getting the best possible offers. As a seller, there are a few things that you can do to make those offers roll in on a consistent basis. At the Grant Muller Group, we believe in making information readily accessible to any and all home sellers and homebuyers. To help your selling experience, we put together a handy list of tips on how to get multiple offers on your home. Stick with our easy advice and you’ll be on the fast track to selling your home.
Set An Aggressive, Yet Accurate Listing Price
At times, real estate home pricing can be equated to the pricing standards of an auction. Think about it from a buyer’s perspective. A lower starting price gets people excited about the possibility of getting a fantastic deal on a great item. Auctions leverage that exciting possibility to their advantage, as the final sale price is often much higher than the original price point.
Now, apply that same concept to the home selling and buying experience. Homebuyers can often be driven by the price and, when a house has a lower listing cost it will attract a great number of buyers. If you hope to get multiple offers on your home, then you need to have more people viewing your property.
We know what you’re thinking though. You want to get the best possible ROI for your property. So, you can’t just list your house for the lowest possible price! As a seller, you should instead price your property from an auctioneer’s perspective. If you hope to get multiple offers on your home, then you need to work closely with your agent on the price. Review the comparable sales data with them and do your best to list your home as a slight discount when compared to the other recent neighborhood sales. A slightly lower price point will undoubtedly grab the attention of numerous buyers.
Provide Ample Access To Buyers And Brokers
If you hope to get multiple offers on your home, you need to think through the buyer’s point of view for a moment. Every homebuyer has a list of must-haves for their dream home. On a given day, there might be 30 homes on the market that may match their list of requirements. From those 30, there might only be 20 that stand out on the list and the buyer only has enough time to view a handful of homes in a given day. Your home might make that list, which means you don’t want to shoo off a qualified potential buyer simply because you have restrictions on showing your home.
Do you really want to get multiple offers on your home? Then your property needs to be readily accessible to buyers and brokers alike every day. And we mean every day that you’re listing your home on the market. Yes, we know how this sounds. Making your home accessible and available all the time is inconvenient, frustrating, and incredibly difficult. But, it’s a sure-fire way to attract more buyers and get those offers for your property. As a seller, you need to put in the effort to get your house sold for the best ROI. That means you’ll have to suck it up and deal with this inconvenience.
Beautify Your Home
We’ve all heard the phrase, “Beauty is in the eye of the beholder.” When you’re selling your home, the beholder is the homebuyer. If you really hope to get plenty of offers on your home, then you need to cultivate a home that appears beautiful to your target homebuyer. There are some ways that you can improve the aesthetic beauty of your home to connect more with potential buyers. We’d recommend that you:
- Thoroughly clean your home from the inside out (closets, living spaces, basements, garages, etc.).
- Refresh the interior and exterior paint.
- Consider upgrading the carpeting to a more universally pleasing aesthetic.
- Replace and repair dysfunctional items around the house (e.g., doors, windows, appliances, lights, etc.).
- Upgrade your exterior elements with a number of DIY projects.
Make your home as beautiful as you possibly can! This is your opportunity to showcase your property as a gorgeous home that is in fantastic condition and is completely move-in ready. First impressions matter, so make the best possible first impression to generate multiple offers on your home.
Ensure Maximum Market Exposure
While you might be thrilled to receive an offer on your home within the first few days that it’s on the market, that doesn’t mean it’s the best offer you can get. Buyers are always looking for homes, but their home search takes a back seat to their professional careers. They might not have the time to view different properties every day of the week. Some buyers may only be able to view homes on the weekends or in the afternoons! If you hope to get multiple offers on your home, then you need to maximize your market exposure for long enough for target buyers to see it. You can accomplish this by working with the right listing agent.
Go over the timeline for market exposure with your listing agent. They might plan out a few open house dates and integrate some standard practices to maximize your exposure in the local market. Make sure you are clear on every little piece of the market schedule with your agent. You’ll need to have great exposure to get multiple offers on your home, while still creating a sense of urgency with your audience.
Be Ready To Adapt
You can’t predict the future and neither can your real estate agent. Sometimes things just don’t go as planned. It’s possible that your home could sit on the market for months without receiving many offers. If that happens, you might be quick to panic and start stressing out about your situation. At that moment, you need to relax and be prepared to adapt. It could be that your price has been set too high. Maybe all you need to do to get multiple offers on your home is to lower the price to a more appropriate “sweet spot.”
Make sure you discuss a price reduction strategy with your agent early on so that you don't go too low on your home.