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How to Create a Bidding War for Your Home

Sell Your Home in Rhode IslandNot unlike a game of chess, real estate has an established set of rules. It’s relatively easy to learn the rules and play a game of chess, but mastering the game can take many years. The best players will develop a strategic opening and anticipate an endgame long before the end of the game is in sight. Patience is required. 

When planning to create a bidding war for your home, partnering with a real estate professional is an excellent opening strategy. Real estate agents have years and years of experience. A seller’s agent will help you navigate the subtleties of the real estate market, and quell the anxiety that may come from trying to sell a home too quickly. They understand the complexities involved in the variables of a successful bidding war. Patience is required. 

Think ahead. Plan your strategy. Create a bidding war for your home with a few basic moves, and expert guidance from the agents at Teri Degnan Real Estate & Consulting, LTD. 

Price Slightly Lower than Market Price: Your seller’s agent will help determine the fair market value of your home. They will then advise you to price the home slightly lower, to create a sense of good value. Pricing 5% below market value will bring a large number of interested buyers to your listing. But be careful. There is no guarantee a bidding war will follow. You don’t want to list your home at a price that is much lower than you are willing to accept. 

List Your Home When the Time is Right: Listing your home at a time when there aren’t very many similar homes for sale in your area will always work in your favor. Your seller’s agent will know the local market very well and determine the best possible time to list. 

Set the Stage: Staging a home is always important before selling. The home needs to look its best inside and out. Everything should be immaculate and ready to photograph for an impeccable online appearance, compelling video walkthrough, and for the very first person who walks through the door at the open house. 

You will hire a staging professional to make your home look its best. You will also hire a professional photographer to capture your home's most intriguing qualities: interesting angles and features in addition to the full front view of your home. Your online listing, and presence, will sparkle: creating excitement and interest when the right players are working with you. 

Show Your Home When the Time is Right: Hold off on the open house. Carefully schedule it after interest has built up from the online listing or video walkthrough. If you wait a week or two and schedule an open house with a small window of time (a 2-hour weekend event will do the trick) you will create a sense of urgency. The idea is to try and get a lot of people to view your home at the same time. You can serve food, and beverages and hire a string trio or pianist (depending on your local market) to generate more traffic. Buyers will know there are others looking at the home and be motivated to submit an offer before losing out. 

Set a Deadline: You should only set a deadline when your home is priced correctly, you have a lot of showings scheduled, and have been told by agents that offers will be coming in. Your seller’s agent can add to the MLS listing after a few offers are on the table: stating you have received multiple offers, and that interested buyers should submit their best and highest offer by a specified day and time. That will get the ball rolling.

We look forward to helping you with all of your home selling needs in Newport and the surrounding areas of Rhode Island. Contact Teri Degnan Real Estate & Consulting, LTD today!

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