Attracting multiple offers is a seller's dream come true. Attracting multiple offers during a seller's market is easier that you may think.
What is a "seller's market"? Simple answer: the demand for houses exceeds the supply of available houses.
Are we in a "seller's market"? Yes, the current demand for available houses is greater than supply. Good news for sellers; tough news for buyers who are jockeying to buy a house.
As a seller what can I do to attract multiple offers on my house?
1) Prepare your house for sale. Taking the time and exerting the energy needed to create multiple offers will pay off when you prepare your house to sell. Spruce up the landscaping; eliminate clutter inside; make necessary repairs; and apply a fresh coat of paint go a long way to sell your house.
2. List your house on Friday. Friday listings will spark interest in "house hunting" from potential buyers. Work with your real estate agent to create a listing that will attract buyers and those multiple offers. Have professional photos that showcase your house.
3. Limit showings. May sound strange, after all I want multiple offers so why not have numerous showings. Yes, it is true, but you still want to have some control of the movement of people through your house. Limited showings will weed out those who are not serious about your house from serious buyers.
4. Lower the sale price. Dangling the carrot of a lower price is always enticing. But do not under cut your house's market value too much. Just a little "trim" off the market value is ideal and will allow buyers room to negotiate with you a final sale price.
5. Don't set a time for offer presentations. Buyers are not eager to wait and see if their offer was accepted. With few homes on the market, if a seller is slow to respond to a buyer's offer, they may just miss the perfect deal. Buyers will look elsewhere for their new home.
Bottom Line: Attracting multiple offers takes work and the assistance of a knowledgeable real estate agent in any market, but especially in a seller's market. By creating the proper atmosphere for multiple offers you will not have to wait long to sell your house.
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