How Sellers Can Generate Multiple Offers
When the real estate market is hot and homes are flying off the shelves, home sellers are more likely to encounter multiple offers and above-asking price offers. Most sellers dream of getting multiple offers, as this generally means your home is selling for a great price.
Fortunately, there are a few things you can do to increase your chances of having a multiple offer situation. Here are five tips to move your listing into the multiple offers zone.
1. Price your home aggressively.
Homes that receive multiple offers often have lower list or starting prices. These lower prices can get people excited about the possibility of getting a great deal. This can contribute to creating an “auction” atmosphere, where you have multiple people bidding on your home, in a sense. When it comes to your home, it’s this same, low-price-seeking excitement that can generate buzz and cause more buyers to want to put an offer on your home.
To do this, work with your real estate agent to figure out the best price for your home. Paying close attention to your local market and neighborhood will be an important part of this.
2. Make sure that buyers and brokers have easy access to your home.
If your home has too many restrictions around showing it, this could prevent or limit your chances of receiving multiple offers (or any offers at all). Take a moment to put yourself in potential buyers’ shoes. Let’s say there are 40 homes on the market that meet their requirements, but they only have time to see 8 today. If they aren’t allowed or able to get into your home when they need to because there are so many restrictions around showing it, then it’s a definitely a missed opportunity to have a motivated buyer see your home!
Do your best to make sure your home is available to show as often as possible, if not every single day that’s it’s on the market. Yes, it’s inconvenient, it can be frustrating, and it’s not easy to keep your home clean all the time. But consider what your priorities are and what could be at stake. Read our 18 Top Tips for Better Open Houses & Home Showings!
3. Make sure your home looks the best it possibly can.
Homes receive multiple offers for many reasons, but one BIG reason is how beautiful a home looks and feels. You want multiple buyers to fall deeply in love with your home, and do so in a way that will make them willing to bid above the listing price! If you’ve done any remodeling, renovations, or replaced any appliances or systems lately, be sure that you’re marketing those selling points. For more tips, read our article on 7 Feng Shui Concepts to Help Your Home Sell.
4. Make sure your home is exposed to the market.
While an offer on the very first day your home listed might sound amazing, it might not actually be that ideal. It means that many buyers—buyers who might offer more money—have not necessarily had a chance to see or make an offer on the home. Listing agents who get multiple offers will usually plan to have the home in question on the market for long enough to give buyers a chance to see the home and get their offers on the table.
5. Be ready to adjust your strategy.
Has your home been sitting on the market for months now with no offers? Don’t worry—you’re not doomed to never sell! In real estate, there’s something called “the sweet spot phenomenon,” which can happen when an overpriced home sits on the market for months with no bites—even through multiple price reductions. Eventually the seller will find the “sweet spot” that will generate multiple offers.
If your home hasn’t had many (or any) bites, work with your listing agent to put together a price reduction strategy. Tip: Most buyers are more attracted by large reductions all at once, rather than small reductions over time!