With the residential sales market flourishing nationwide, there’s never been a better time to sell your home. Good interest rates and the availability of easier loans are working together to get customers out and buying. You would think your home will sell quickly – with multiple offers – and for a great price.
It’s not that simple. Even in a “hot” market, there are homes that hang around like a shy wallflower at a dance. These unfortunate properties can sit for months without any takers. So what’s the secret sauce that has the successful home bringing in attractive offers and often fetching above-asking price?
Every seller hopes their property will attract the eager buyers needed to generate multiple-offers. Don’t let your home be a wallflower; follow these steps to ensure maximum buyer engagement.
1. Set your timeline for multiple offers
Every year, people decide to sell their homes. Many times it is too late to do it efficiently. That is why the home selling timeline exists. This is the master plan that lets you know where you should be at certain stages of the home selling process.
There isn’t a one-size-fits-all timeline. They vary from area to area, seller to seller and agent to agent. You and your agent should make a plan specifically for you and your unique situation. Map out your timeline in the months before you list.
2. Make it beautiful
Desirable! That should be your benchmark. Your home must hit the chord that speaks to your target market. You’re entering the “Miss America” of homes in your area and yours must definitely be in the finals. Buyers willing to bid above the listing price and compete with others have to covet your property above all others.
3. Go beyond clean
Because you’re aiming high, “clean” has to set a new standard. Garnering multiple offers requires your home be spotlessly cleaned. Starting from the inside – think basements and crawl spaces – and ending at your boundary, everything must shine and be in impeccable order.
4. Stand up to the test
Home buyers test specific things like faucets, HVAC and stoves – the real estate equivalent of kicking the tires. Doors and windows should operate smoothly, toilets flush properly. Fix any malfunctions and showcase how your beautiful home is just poised and waiting for its new owners.
5. The price is right
Entice more buyers to the party with a low list or starting price. The natural thrill created by the possibility of a bargain will cause many more buyers to show up and view your home than would have come at a higher price point. Exceptional homes at a great price attract the same sort of buzz as a highly desirable collectable does at auction. This, in turn, brings in more buyers to compete for the prize.
6. Show it off
One of the simple equations when selling your home is more showings equal more offers. You must give buyers and brokers plenty of access; have your home ready to show now, in an hours’ time, later today, tomorrow morning – just about any time a buyer wants to view. Most likely, your target buyer has limited time. Out of a list of 25 possible properties, they may only have time for six today. If they can’t view your home because of your restrictions around showing it, you may be losing a qualified, motivated buyer.
Looking for multiple offers? Then every day your home is on the market, make sure it can be shown.
7. Exposure is important
Here is where the timeline you set at the very start comes in to play. Accepting the first offer coming in on the day your home lists can result in a lost opportunity. If you and your agent have published a timeline for market exposure, it creates a sense of urgency around the deadline. Buyers will know that they can view the property and get their offers in, but they can’t delay.