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Selling Your Home? Here’s How to Spark a Bidding War

Sonja Bush June 9, 2024

When you sell your home, you want to sell it for as high a price as possible, and there are few things that drive up the price of a home quite like a bidding war.

While you can’t force people to bid on your home, there are things you can do to make your home more appealing to encourage more offers, and start a bidding war in the process.

So what, exactly, are those things?

recent article from realtor.com outlined ways sellers can spark a bidding war for their property, including:

  • Price your home to sell. Many sellers think that listing your home at a high price will generate a higher sale. But often, pricing your home lower (even below the true market value) can generate more interest and more offers, which can spark a bidding war and drive the price up. Talk to your agent about pricing strategy, and consider listing at a lower price in order to sell for a higher one.
  • Set a deadline. FOMO (fear of missing out) is a real thing, and it certainly affects home buyers. Setting a deadline can be an effective strategy for driving offers, because people won’t want to miss out on their chance to buy your property, and the more offers you get, the higher the likelihood of a bidding war.  This strategy is not applicable to all situations or market environments - ask your REALTOR® if this could work in your area.
  • Get the right listing photos. Many buyers rely solely on the internet to find their dream home. If you want to get multiple offers on your property, you need to make sure that the photos you list online are going to get buyers’ attention and generate interest. You have have one chance to make a first impression.  Get professional photos taken, and ask your photographer to capture some interesting, unique shots. Make sure to display your best photos first in the gallery of images online, as many buyers won’t scroll through all of them, especially if the first pictures don’t capture their attention.  A 3D tour and drone photography can also make a difference for certain properties.  

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Upcoming Real Estate Forms Changes Part 2: Listing & Purchase Agreements The way real estate transaction are done in California is changing, and new mandatory forms will be introduced in the summer of 2024. This article will discuss the Residential Listing Agreement and Residential Purchase Agreement. For sellers, the Residential Listing Agreement has been completely revised. The form is a bit longer now, primarily because it is organized in a grid format. This grid lays out all the terms in detail, making it clearer. The main changes the Residential Listing Agreement are: • More detailed info on what the seller will pay and to whom. • There is now an Optional Concessions Section where sellers can confirm if they are willing to pay Optional Concessions. Optional Concessions can cover costs like escrow and title fees, lender fees, repairs, and broker compensation. • This information will be shared on the Multiple Listing Service (MLS). • Sellers need to make sure buyers and agents have a signed Buyer Representation and Broker Compensation Agreement before showing the property (refer to this article for information on these forms). • New guidelines on how to handle buyers who do not have their own agent. The Residential Purchase Agreement also has some updates for buyers, though there are not as many. The main changes are: • Homeowner insurance is now a separate item to consider. • If the property has three or more units, the seller has to give the buyer an additional document about wooden balconies and stairs. • It clarifies who will pay the brokers compensation. Remember, it is always important to understand any legal document before signing it. If you have questions, you can contact the Destination Real Estate team. Watch for information about upcoming free webinars to explain these changes in detail.

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