Chances are, you know someone who ended up in a bidding war for their dream home. They may have even spent thousands more than they had planned on, especially in the last few years. Everyone selling their home wants to earn top dollar, but it\u2019s worth pointing out that a bidding war isn\u2019t about luck, as it\u2019s often the result of a carefully executed strategy.<\/p>\n\n\n\n
A few years ago, it wasn\u2019t rare to see headlines about homes selling $120,000<\/a> over the listing price. If you\u2019re looking to sell in the near future, you\u2019re likely wondering how to start a bidding war on your house. The experts have shared that deliberate pricing, staging, marketing, and timing work together to generate multiple competing offers.<\/p>\n\n\n\n We will share strategies to produce multiple offers on your home so you can maximize your sale and achieve the best possible financial outcome.<\/p>\n\n\n\n A bidding war in real estate is a situation in which two or more buyers compete to purchase a property by raising their offers, often driving the final sale price above the original listing price.<\/p>\n\n\n\n A bidding war is more likely to happen in a seller\u2019s market, where there are more buyers than houses for sale, or when a home is priced below market value<\/a> to drive up competition. <\/p>\n\n\n\n Bidding wars favour sellers for the following main reasons:<\/p>\n\n\n\n If you\u2019re uncertain about how to start a bidding war on your house, the good news is that there are four strategies that can help you land multiple offers on your home.<\/p>\n\n\n\n Someone who\u2019s interested in getting multiple offers on their home should consider intentionally setting the price low to attract multiple motivated buyers, who increase their bids once competition starts. Pricing psychology plays a pivotal role in igniting a bidding war, as buyers are more likely to make offers on properties they feel are a good deal. <\/p>\n\n\n\n If you\u2019re worried about selling your home for too little, the good news is that you can try the slow-market alternative, which involves pricing at or 5% below fair market value and considering offering seller concessions to spark competition.<\/p>\n\n\n\n Another technique for anyone wondering how to start a bidding war is to set an \u201coffer review date\u201d to force buyers to compete against the clock. If you use this method, you should consider sharing a clean disclosure package before the deadline to help buyers review the property faster and submit offers more quickly. <\/p>\n\n\n\n A story on Realtor.com<\/a> reported that a Realtor had requested that all prospective buyers submit their offers by 5pm on a Friday, which led to 12 offers, including one $16,000 over the listing price. Moreover, waiting until you have at least two offers before enforcing a deadline can also give you more negotiating power.<\/p>\n\n\n\n It\u2019s no secret that many homebuyers are searching for homes online, and a strong visual presentation can trigger emotional and non-rational behaviour, leading to a bidding war. An experienced Realtor will invest in staging<\/a>, professional photography, virtual tours, and hyper-targeted social media ads before launch day. Realtors with a strong network may even build buzz on their social media channels in advance to increase your home\u2019s visibility among potential buyers.<\/p>\n\n\n\n Another powerful strategy involves listing your property mid-week, around Wednesday or Thursday, and then hosting open houses over the weekend.<\/p>\n\n\n\n An experienced Realtor may schedule multiple viewings within a tight timeline to create a sense of urgency and ignite competition among buyers, while flexible showing access can also accommodate house-hunting schedules for other buyers. By limiting the viewing period to 48 to 72 hours before going over offers, you will likely motivate buyers to act promptly.<\/p>\n\n\n\nKey Takeaways<\/h2>\n\n\n\n
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What Is a Bidding War in Real Estate?<\/h2>\n\n\n\n
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4 Bidding War Strategies to Get Multiple Offers on Your Home<\/h2>\n\n\n\n
1. The Strategic Underpricing Method<\/h3>\n\n\n\n
2. Setting Offer Deadlines<\/h3>\n\n\n\n
3. Professional Staging & High-Impact Marketing<\/h3>\n\n\n\n
4. Creating Accessibility for Buyers<\/h3>\n\n\n\n