Selling Your Home? Here’s How to Spark a Bidding War

June 9, 2024

Sellers

Selling Your Home? Here’s How to Spark a Bidding War

When you sell your home, you want to sell it for as high a price as possible, and there are few things that drive up the price of a home quite like a bidding war.

While you can’t force people to bid on your home, there are things you can do to make your home more appealing to encourage more offers, and start a bidding war in the process.

So what, exactly, are those things?

recent article from realtor.com outlined ways sellers can spark a bidding war for their property, including:

  • Price your home to sell. Many sellers think that listing your home at a high price will generate a higher sale. But often, pricing your home lower (even below the true market value) can generate more interest and more offers, which can spark a bidding war and drive the price up. Talk to your agent about pricing strategy, and consider listing at a lower price in order to sell for a higher one.
  • Set a deadline. FOMO (fear of missing out) is a real thing, and it certainly affects home buyers. Setting a deadline can be an effective strategy for driving offers, because people won’t want to miss out on their chance to buy your property, and the more offers you get, the higher the likelihood of a bidding war.  This strategy is not applicable to all situations or market environments - ask your REALTOR® if this could work in your area.
  • Get the right listing photos. Many buyers rely solely on the internet to find their dream home. If you want to get multiple offers on your property, you need to make sure that the photos you list online are going to get buyers’ attention and generate interest. You have have one chance to make a first impression.  Get professional photos taken, and ask your photographer to capture some interesting, unique shots. Make sure to display your best photos first in the gallery of images online, as many buyers won’t scroll through all of them, especially if the first pictures don’t capture their attention.  A 3D tour and drone photography can also make a difference for certain properties.  

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