Generating a bidding war for your home can indeed lead to a higher sale price. Here are some strategies the Harb & Co. Team implements to increase the chances of a bidding war:
Including a pre-inspection as part of your home selling strategy can indeed be beneficial. Here’s how a pre-inspection and addressing necessary repairs or replacements can help in starting a bidding war:
- Identify and fix inexpensive items: Conducting a pre-inspection allows you to identify any minor issues with your home that could potentially deter buyers. By addressing these inexpensive repairs or maintenance items upfront, you can present your home in better condition and minimize buyers’ concerns. A well-maintained home is more likely to attract multiple offers.
- Replace high-ticket items: If your pre-inspection reveals the need for significant repairs or replacements of high-ticket items, such as a roof or air conditioning system, you can proactively address them. Replacing or repairing these items before listing eliminates potential negotiation points for buyers and provides them with peace of mind. This can increase buyer confidence and create a sense of value, potentially leading to a bidding war.
- Mitigate buyer negotiation tactics: Buyers often use inspection reports to negotiate credits or price reductions. By obtaining a pre-inspection and fixing any issues, you reduce the likelihood of buyers using inflated estimates to negotiate a lower price. Instead, you can confidently present a well-maintained home, reducing the chances of price negotiations and potentially enticing multiple buyers to compete for your property.
Through the Harb & Co. Concierge Team we recently upfronted the cost for a La Crescenta home seller for a re-roof. On a recent La Canada listing we upfronted the cost for a new air conditioning system. Click here to learn more about our Fix it and List it Program.
Now that our Team has helped you prepare your home for sale it’s time to create buzz and anticipation around your home before it officially hits the market. We have two offices with more than 500 Realtors. Without violating “Coming Soon” policies, we can get the word out to our Coldwell Banker real estate agents.
We often recommend pricing your home slightly below its market value. This will typically generate a sense of urgency and attract more potential buyers. When buyers perceive your home as a good deal, they may be more motivated to submit offers quickly. The increased interest can then lead to a bidding war and potentially drive up the final sale price.
It’s important to note that these strategies may not be suitable for every home sale. The effectiveness of each tactic depends on factors such as market conditions, location, and the desirability of your property. Consulting with a knowledgeable real estate agent can help you determine the best approach for your specific situation.
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