If you want to generate multiple offers for your listing, I have four tips to help you get there.
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There are four things to consider to get multiple offers for your home when you put it on the market.
First, you have to prepare your home for sale. Do all the things you’re seeing in some of the best-looking homes on the market. Well-prepared homes are selling for a premium of 5% to 7% more than their asking price. They’re also the homes most frequently getting multiple offers. Some tasks you can do include decluttering, sprucing up your curb appeal and landscaping, and touching up on your home’s painting.
Second, price your home for value. By this, I mean position your home in the market by looking at what other homes are listed and where they’re priced. Your home needs to be the best-looking and best-priced home in order to generate multiple offers, and that typically means pricing lower than your competition.
Third, set an offer deadline. Tell buyers that they can come with offers, but you won’t review any of them until your deadline, which will be seven to 10 days after (ideally) two full weekends of open houses. Our research tells us this is when your home’s marketing peaks with the amount of buyer traffic.
Lastly, know the market before employing this strategy. Multiple offer strategies only work in a low-inventory market. Fortunately in Silicon Valley, we’ve had chronically low inventory, so many listings often end up with multiple offers. There is some seasonality to our market, though, which tends to create a lull near the end of summer.
Also, know what the trends are in our market. Are prices rising, flattening, or falling? Typically, this strategy works best in a rising market, or when prices are steady.
If you have any questions about how to garner multiple offers for your home or you’re thinking about putting your home on the market and need help with a preparation plan, please don’t hesitate to reach out to us. We’d be glad to help.