If you're selling your home, the best way to get a great price is by creating a bidding war. I have three tips to help you do just that.
I've got some tips that can help you spark a bidding war on your home when you sell it.
- Price low to sell high. This is what banks do when they have a foreclosure; they take a home worth $200,000 and list it for $175,000, and interest explodes. Increased interest and demand will increase the sales price. Pricing your home even 3% or 4% below its market value can generate interest that can drive the sales price above the value that the home might have gotten if it was priced higher or at market value.
- Set deadlines for buyers. Typically, we put a home on the MLS on a Wednesday, don’t allow showings until Saturday, don’t look at offers until Monday, and wait until Wednesday to accept offers. By nature, people want things that are hard to have even more. This strategy creates a buying frenzy and increases the price.
- Stage a perfect open house. In the home's first week on the market, we load all of our social media with open house and for sale info about the new listing coming this weekend. We use multiple yard signs and directional signs, and hold the open houses from 2 p.m. to 4 p.m. on Saturday and Sunday. We also put the house on Zillow and our website, and we often have 20 to 30 people in to see that property as it first hits the market. This creates unbelievable interest and exposure. Typically, this helps our buyers get the highest and best price.
Bidding wars can actually drive your sale price above market value.
I hope you enjoyed this topic--you certainly will if you're selling a home. If you have topics you'd like to see discussed or you just have questions about the DFW real estate market, give us a call or send us an email. We'd love to hear from you!
