Strategies to Create Multiple Offers on Your Home
In a hot real estate market multiple offers is a common occurrence. Yet not all homes will sell quickly and receive multiple offers. Learning how to position your home can increase the odds and increase the sales price you get as you sell your own house.
Receiving multiple offers is based on three key components, according to Zillow research. This includes the location of the home for sale, the price the home is listed at, and the condition of the home as it is presented to buyers.
Location. Homes that are located in the most sought after neighborhoods receive the most attention from buyers in that price range. You do not have to own a million dollar home to be considered a prime location. Location in any price range includes the best schools available in that price range, convenience to parks, shopping centers and activity the new buyers are interested in. Location also includes not being directly on a busy street or near commercial or industrial land.
While you cannot control or change the location of your home, evaluate how this location played into your desire to purchase. Highlight these same reasons for the next buyer who will be interested in your home for sale then price it accordingly.
Price. The list price of the home is perhaps the largest factor which will encourage multiple offers to sell your home. If the home is priced above market value, multiple buyers are not likely to come, and many potential buyers will not even look at the home. Pricing the home slightly under the market value is the best scenario for creating multiple offers.
Home values are subjective in the sense that you do not know the actual market value until you have an offer. Working with a seasoned real estate agent is a great source of information for understanding your homes true value and provide tips to sell your home. They can evaluate recent sales and help to establish a list price that is low enough to encourage multiple offers, yet high enough to get you the maximum value for your home.
Condition. Before listing your home visit homes in your neighborhood that are on the market. This will help you understand what other homes buyers will be looking at and how your home compares. Buyers look at more than just the number of bedrooms and bathrooms a home has to offer. They also look at what has been updated. Is the home clean? Is there adequate storage? Are there immediate repairs or changes that must be made before the new owner can move in? These all impact the price they are willing to pay.
If the buyer sees a lot of work, they will either skip the home for one in better condition or will make an offer that reflects the needed changes. While it is not necessary to spend a lot on upgrades, presenting your home in the best light will impact the sales price.
Negotiations. These are three critical steps on the front end, to receiving multiple offers. The next step is having an experienced agent, with a clear plan in place to navigate the negotiations.
Without a clear system in place a seller can lose the advantage. It is critical to work with someone who understands how to negotiate and encourage higher bids. There is a fine line between getting higher offers and turning buyers away to look at other homes.
At Realtyweb.com all offers can be viewed in one place. Rob Rotham oversees multiple bid offers and will guide you through the process. His recommendations are based on over 25 years of real estate experience and over 1000 homes sold. This knowledge will help you walk the delicate road of selling your home quickly and getting the most out of multiple offer situations.