Are you thinking about selling your property and it’s currently a seller’s market? Keep reading this blog post to discover the 5 ways to attract multiple offers in a seller’s market in Coachella Valley…
A seller’s market is one in which the seller has an advantage. Often, it means that there are more buyers than sellers: so many buyers are looking at just a few available properties.
But just because you naturally have an advantage in a seller’s market, doesn’t mean you’re home free to sell at massive profit. You should still strive to get as many offers as possible and, in doing so, give you the opportunity to select the best offer for yourself.
Why do you want multiple offers? It’s the simple concept of a “bidding war” – if you get one offer, you might feel forced to take it. But multiple offers allows you to choose from the best one, and even to negotiate from a stronger position.
Here Are 5 Ways To Increase The Odds Of A “Bidding War” In A Seller’s Market In Coachella Valley
#1. Hold (Or Ask Your Agent To Have) An Open House
One way to attract multiple offers is to have an open house. It may sound like a lot of work, but if you take the time to hit the area with signs and hold your open house in a tight interval (say like 2pm-5pm) on a weekend you can generate quite a crowd. Not only does it create some “hype” around your property, but something psychological happens when different buyers are eyeballing each other!
#2. Price
In this market, consider instead of listing at the highest price possible, list it about 95% of market value. This almost ensures that you will get a multiple offer situation! There is a small risk that you were off on your pricing, but in this market as of the time of this writing, if you DON’T get multiple offers at this price there’s a good chance the market value is less than what you thought it was. When a property sits too long without selling, there is an increased chance that you lose the “edge” of a new listing and buyers will wonder if something is wrong with it.
#3. Accept Offers At A Certain Time Only
One way to attract multiple offers is to only accept offers on a certain day in a given time interval. This is along the lines of #1 Open House, there is something psychological about everyone submitting the offer at the same time.
#4. Run Online Ads
Another way to attract multiple offers that many have forgotten about is to put your property for sale in Craig’s List, Offer Up, and many other free advertising on the internet. It may seem unnecessary If it’s listed because in today’s market you will probably be getting activity if it’s priced right- but remember, the goal in this article is get a bidding war going, so any additional helpful offer is helpful! If you have an agent you’ll need to either put their number or direct their calls to them.
#5. Targeted Buyers
A very powerful way to get into a multiple offers (although it’s often overlooked) is to identify a segment that may be a perfect candidate for your home and then direct a postcard or other marketing at them. For example, if you have the perfect starter home property, then you can get a list of renters in similar neighborhood and hit them with a postcard with a picture of your property.
Handling A Multiple Offer Situation
If you are fortunate enough to create a multiple offer situation, there are basically two ways to handle it. 1) Carefully analyze the offers to determine which one is the strongest one and accept it, or 2) let all of your buyers know you will be accepting the “Highest and Best” offer. This gives all buyers a chance to raise their offers or make them stronger. The disadvantage to doing this is that it could intimidate some of your buyers, or if you’ve built some good will with them you risk losing them altogether.
Summary
In a seller’s market you might normally attract multiple offers anyway – but the more offers you get, the better. Use these 5 ways to attract multiple offers in a seller’s market in Coachella Valley.
Selling in a seller’s market might seem like the best option but one way to get another offer is to have us give you a cash offer for your house. We’re buying properties in the Coachella Valley CA area and we’d like to make an offer too. Click here now to fill out the form or call us at (760) 849-8115 and we’ll get in touch with our best cash offer.