If you can learn how to increase the number of offers you get on your home, that puts you in a position of power. The more offers you get, the more flexibility you have in choosing the best offer for you and your needs. Not only that, but it gives you options regarding the amount of money you can make on your home.
Figuring out how to garner multiple offers on your home can be a bit of a complicated process. If you ask ten people who recently sold their homes for tips on getting the offer they wanted, you’ll likely get ten different answers. Remember that homes that receive multiple offers aren’t just “lucky.” A lot of market research, strategy, and work goes into making this happen.
Here are some expert tips on how you can increase the number of offers on your Downtown Detroit Home:
1. Work with a top-listed agent
This tip isn’t an advertisement strategy – the evidence shows that it’s true. When you have a dedicated, experienced agent on your side working on getting you multiple offers on your home, you are far more likely to be successful. The actions of your Realtor directly affect your home sale, and a professional realtor will help give you and your property your best chance at receiving multiple bids.
2. Research the local real estate market
A little bit of research can go a long way. When selling your home and hoping to get more than one bid on it, it’s crucial to be aware of local real estate trends that affect your home sale. Generally, a real estate market can be one of three types: a balanced market, a seller’s market, or a buyer’s market.
There is a greater probability that you will receive numerous offers for your house if the local real estate market is a seller's market (which means it’s in the seller’s favor, or there is a greater demand than the supply). When there are few homes available and many eager, willing, and able purchasers, the market is in your favor as a seller.
Alternatively, if the real estate market changes to a buyer’s market, that means you will have a more difficult time selling since the market is in the buyer’s favor (there is more supply than demand for homes).
A balanced market means there is no favor either way — the supply and demand are relatively equal — and it can also be challenging to garner multiple offers on your home. However, a balanced market is more likely to provide multiple offers on your home than a buyer’s market.
By analyzing the current market, you can better adjust your expectations and start developing strategies for attracting multiple interested purchasers no matter the market.
The main determining factor if a home will sell is pricing, whether it's correct, too low, or too high. There are many common pricing errors that sellers make, especially when they attempt to tackle the project entirely on their own without the help of a qualified Realtor. Having a top-producing listing agent on your side is crucial if you want to set the right price for multiple bids.
Many homeowners think that they should price their homes high to allow for negotiation. Unfortunately, this is only a good approach if you hope to reduce the number of bids on your home. Any reputable real estate agent can help you set an aggressive price on your home to help generate excitement on your listing and gather multiple offers.
If you set the price on your home right, you shouldn't just anticipate getting one buying offer; you should anticipate several, especially if you’re in a seller’s market.
4. Get your home ready for showings
Consider the things you might need to work on before putting your house up for sale. Making quick, inexpensive home upgrades before advertising your house is one of the best strategies for increasing the likelihood of multiple bids. Think about it: you only get one chance to impress potential buyers. You want to be sure you do it right.
If you’re wondering what some of the steps are to getting your home sale- and showings-ready, then think about what you would want to see in a home before you were willing to make an impressive offer. You certainly don’t need to redesign the entire kitchen and bathrooms, but upgrading broken fixtures and appliances and giving it a fresh coat of paint never hurt anyone.
Staging your home — cleaning, decluttering, and styling it to suit the widest pool of buyers — is also a great idea when prepping your home for sale. Make sure every space is designed to serve a purpose to show off your home's square footage and functionality. Don't forget about the curb appeal since this is any buyer's first impression of your home.
5. Schedule a pre-listing home inspection
The likelihood that a homeowner will receive several offers on their house increases significantly if they are open and truthful with potential purchasers about the home. No one wants to do business with someone keeping secrets about the deal, especially when the transaction is as important as real estate.
The amount of information homeowners should reveal to potential buyers will always be a debate, but it’s also something sellers often ask. So here’s the simple answer: the more at ease you can make prospective buyers feel while seeing your house, the more likely they will want to submit a competitive offer. Providing potential buyers with an inspection report and unmistakable evidence that you have fixed issues can help build the trust that’s necessary for a real estate transaction.
Understanding that most purchasers will seek a home inspection, and for a good reason, you as the seller may as well get one preemptively. One of the easiest ways to get more than one offer on your house is to have a home inspection performed before beginning the marketing campaign for your home sale. Along with correcting any severe issues found during the property inspection, you should share the inspection report with prospective purchasers.
6. Invest in marketing and exposure
When trying to get numerous offers, having a top listing agent on your side can help with marketing. Your agent should be able to get your house a ton of publicity due to their marketing skills and professional network.
A homeowner who wants to get several offers on their house should be aware of the exposure a top-producing listing agent will provide. A listing agent who is successful in their field, professional, and motivated will have an effective marketing strategy and apply it to benefit you.
Their marketing strategy should contain a healthy balance of traditional advertising — like what’s seen in newspapers and postcards — as well as non-traditional marketing and modern digital advertising. Along with having a solid website, your agent should include a strong social media presence to market and sell your home.
7. Let your agent schedule strategic showings
Within the first day or two on the market — if your home is priced correctly from the start — there should be requests for private showings. In a seller’s market, you can expect many showing requests. A good listing agent will make every effort to schedule these showings early and strategically. Planning them close together allows rival buyers to see one another as they tour your home. This helps build a sense of urgency, making you more likely to get more offers.
Because the buyers will know they only have one chance to get the property, and if they see other interested parties, this frequently leads to several bids and keeps the offer prices close to — if not over — the asking price. Strategic showings can work highly in your favor.
Reach out to Austin Black II when you’re ready to achieve your real estate goals
Research is often considered the most important factor in generating multiple offers on your Downtown Detroit home, but a qualified, experienced listing agent is also up there. Austin Black II founder of the City Living Detroit team with @properties Christie’s International Real Estate can not only help sell your Downtown Detroit home but can do it in the best way possible. Put your home in our hands and we’ll get you the offers you’ve been hoping for.