How Sellers Can Maximize Their Home Sale Offers
The housing market has been a sellers’ market with bidding wars for several years now, but that trend is starting to cool off. Sellers want to get the most for their money when it comes to selling their home. Here are some tips from professionals in the industry who know how to spotlight your home.
1. The Pricing Game: Setting the Stage for Competition Picture this
Your goal is to strategically set the stage for a bidding war. To do this you need to do your research and analyze the data gathered. Find out what homes in your area that are compatible with your home are selling for in your area. You want to know this to make sure you price your home competitively. A good way to really get the buyers’ attention is to price your home a little below market value. Set a window or deadline for offers to get buyers to take action. Also, you want to let buyers know upfront about any property disclosures.
2. Picture-Perfect
Putting your home’s best foot forward is very important. You want to highlight the things that buyers will love in your home. Realtors, sales agents, buyers, and sellers all go online to search listings. Having professionally done photographs is very important. A professional knows how to capture your home’s best angles and features. Also having a virtual tour and videos that can be viewed online will also be beneficial. Before having any videos, tours or photos made, make sure your home is staged and your curb appeal is perfected.
3. Strategic Marketing
You want to attract the right buyers, which can be accomplished through strategic marketing. Make sure that your home has an online presence. You do this by listing your home digitally through multiple real estate websites. In your online listing, you want to make sure the description and images are eye-catching. Social media campaigns through social media platforms are another must. You want to showcase your home’s features, post events and attractions and create buzz with friends, family and the community. Working closely with the top agents in your community, having opening houses and private tors will also attract the right buyers.
4. The Bidding War Atmosphere
You want to know how to navigate the offers. A great way to do this is to use the multiple offer strategy, letting buyers know that they are not the only ones bidding on your home. When counter-offering you will want to set deadlines for the buyers’ response. Also, tug at the buyer’s heartstrings by writing a personal letter to the buyers about your emotional connections and memories in the home. If you do have multiple offers, you want to keep each bid confidential.
5. Making the Choice
In a bidding war, you also have to make a decision and let the chosen buyer know they won the bidding process. In order to make the best-informed decision you need to analyze all the offers. Look at each and every offer, not only the amount offered but also the contingencies, financing and flexibility. Ask the professionals in the industry such as a real estate agent or a closing attorney to read through each offer. Even if you have a number one choice, you should also consider taking backup offers in case your first choice falls through.
Remember these steps when taking the plunge into selling your home. You want to have the most traffic yet they need to be the right traffic. The best way to ensure you get the best deal, for the best amount is to work with a local real estate agent who can help you with the process from start to finish.