Q: How Can You Create a Bidding War for Your Property?
Here’s how you can create an auction for your property.
We’ve been generating multiple bids for almost all of our listings lately, which creates an almost auction-like effect that our seller clients benefit from. When we put a property on the market and unveil it to the buying public, we’ve been getting a rush of buyers who are choosing between the relatively low number of homes available.
So ultimately, when three buyers submit an offer on one of our homes, we’ll go back to all three of them and ask for their highest and best price, terms, and conditions by a certain date. That creates a bidding war between the buyers, which allows the seller to choose the offer they like most. We’ve seen properties sell for anywhere between $20,000 and $50,000 over the asking price.
Inventory is currently down by about 40% year over year, while buyer inquiries are up by around 40%. Buyer demand is very high right now; a couple of weeks ago, we had 96 showings on our listings, and we’re averaging somewhere close to 100 showings a week. We’re to the point where one listing sells for every five showings we have.
If you’re thinking about selling your home and want to get top dollar, this is the time to get off the fence. The market won’t be like this forever!
Give us a call so we can provide you an updated market analysis and get started on your home sale.