seller’s (or sellers’) marketing
an economic situation in which goods or shares are scarce and sellers can keep prices high.1
a situation in which two or more parties repeatedly outbid each other as they compete to purchase something.1
Achieving the Bidding War
More buyers in the market means sellers have greater control over price and may see multiple offers come in, if they play their cards right. You may have heard the term “bidding war” used before, but is it the best option for the sale of your home? Let’s dive in and see.
Location! Location! Location!
A key contributor to achieving a bidding war is location. A “sought-after” neighbourhood within a city, easy access to highways, properties located on courts or cul-de-sacs, these are all types of “locations” that increase your chances of a bidding war; homes located near industrial areas or on busy streets are less likely to achieve this type of sale.
Whether you live in an area that’s “in demand” or not, there are ways to create that buyer frenzy. From pricing to open houses, here are five strategies to spark that bidding war.
Price to sell
Overpricing your home may deter potential buyers and cause your house to languish on the market. Analyzing homes that have recently sold in your area and pricing your home slightly lower than market-value or your desired sale price can generate a lot of buyer interest. The end result; driven demand, multiple offers and that bidding war you are striving for.
The more agents that know your house is on the market, the more potential offers you can draw in thus beginning the war. Hosting an agent open-house is OUR job as we know the local players and how to lure them in.
Create a Website
Did you know over 83% of buyers search online now? Internet and social networks can be leveraged to create a buzz about your house, making a bidding war more likely. Creating a website for your home lets you post pictures of the house and gives you the ability to share the link on several popular social networks such as Facebook, Twitter, LinkedIn and anywhere else potential buyers may be looking. The Costabile Group’s website is top notch and advertised everywhere, including the aforementioned social networks. With our targeted marketing, we strive to have the most online traffic to benefit you, the client.
When a house gets multiple offers, they typically arrive shortly after the house is put on the market. A way to maximize exposure is to have an open house for potential buyers shortly after the home is listed. If you have an open-house that is full of potential buyers, there’s a chance for a bidding war because buyers don’t feel as though they are missing out.
Staging the Home
Your home is more likely to garner interest and be the subject of a bidding war if it is staged: free of clutter, scrubbed of pictures and personal items, and with neutral decor. It’s got to look like an ad from the home and garden magazine, buyers fall in love with your home on how it looks. The biggest mistake a homeowner can make is not getting rid of the clutter. Equally important is making sure the house has curb appeal because some buyers won’t even get out of the car when scouting prospective homes. You want to make sure your home is as inviting as possible.
You may opt to use some, all or none of the above strategies and still achieve a bidding war or vice versa. However, if you’re worried that you won’t achieve that bidding war, or don’t feel this is the best approach for the sale of your home, no problem. A bidding war is just one of the tactics The Costabile Group uses to get top dollar for your property. Contact one of our agents today for your free Personal Home Consultation and see what we can do for you.