Incite a Bidding War: How to Get Multiple Offers on Your Home in 2021

The housing market is hot! With the supply of homes hitting record lows nationwide, prices are skyrocketing, and homes are getting snatched up as soon as they become available. If you’re selling a home, you currently are in a prime position to attract multiple offers and possibly incite a bidding war if you play your cards right.

But even in a seller’s market, where there are far more buyers than homes for sale, there is no guarantee your home will attract multiple offers. So, how can you position your home to attract as many interested homebuyers as possible and maybe even incite a bidding war? Keep reading to find out.

Have a great real estate agent and understand your market: First things first, to set your bidding war strategy in motion, you'll need the help of an experienced real estate agent to guide you through the home selling process and the current housing market. Seasoned real estate agents know the in's and out's of the market and have the necessary connections to attract serious buyers and multiple offers. Managing a bidding war is an intricate process, and having a real estate agent on your team will help stir up the necessary excitement to generate buyer's interest.

While you can't control whether your region is in a seller's or buyer's market, do your due diligence by speaking with an experienced real estate agent to better understand the current market. An agent can bring knowledge and insights about your neighborhood to guide your pricing and marketing strategies. On top of that, you're able to keep your finger on the pulse of your neighborhood and respond to changes in trends, pricing, or competition that might impact your pricing strategy.

Establish your pricing strategy: Getting the right price on your home is the spark you need to bring in multiple offers and ignite a bidding war. However, the wrong move could set your listing back. Too low of a listing price, and it carries the risk of undervaluing your home, but too high, and it may cause buyers to lose interest and dissuade them from bidding on your home at all. To drive demand and get multiple offers rolling in, you need to price your home correctly from the get-go to reduce the number of days it sits on the market. This means listing your home at a fair market value or even slightly lower than it - in essence, pricing low to sell high. But whatever you do, don't undersell your property value.

This pricing strategy ensures that you catch the attention of as many buyers as possible. The buyers see an appealing price, become excited at the prospect of scoring a great deal, and puts in an offer for it. If the price is right, you should see multiple offers roll in. However, keep in mind that the price you're setting for your listing is not the price you think your home is worth or the amount you're hoping to get, but rather it's the price you're setting to encourage other buyers to bid higher. 

Schedule a pre-listing inspection: Having a pre-listing inspection allows you to attract serious buyers and gives you an advantage over other sellers before your home even hits the market. It's common practice for the buyer to request a home inspection as one of their contingencies when submitting an offer. However, by showing that your home has a pre-listing inspection report, you'll be able to leverage your negotiating power by being upfront about your home's condition and avoid the who-pays-for-what-repairs negotiations. This also allows you to get a head start on any repairs and disclose them to the buyer.

Plus, if the pre-listing inspector doesn't find significant defects, the buyer may choose not to get their own inspection done and waive their home inspection contingency, saving both parties time. You'll want to limit the number of factors that'll cause buyers to walk away from the deal, and being able to address potential repairs before the buyers find them will make your home more appealing. 

Put your best foot forward by enhancing your home’s curb appeal: If you want multiple offers, you need as many buyers to fall in love with your home as possible. Buyers are more inclined to view your home based on its exterior appearance, and even if your interiors are stunning, a house that lacks curb appeal can cause them to pass on your listing. A few simple and budget-friendly projects can easily jazz up your home’s exterior appearance, but if you want to go all-out, consider hiring a professional to tackle the bigger curb appeal projects, such as window washing or roof cleaning. Ways you can enhance your curb appeal can include:

• Trimming trees and shrubs around your entryway 
• Keeping your lawn freshly mowed - especially before showing days 
• Updating the numbers of your address on your house 
• Replacing outdated light fixtures 
• Giving your front door a good coat of paint

The goal is to convey to buyers that your home is as well maintained on the exterior as it is on the interior.

Make your home a "must-have" with staging: A well-staged home can be the difference in enticing a buyer to click on your listing photo and scheduling a walkthrough - or passing on it completely. Staging aims to attract buyers' attention, and if multiple people are interested in your home, a bidding war may just be right around the corner. To place your home on a buyer's "must-have" list, hire a professional stager to make your home as irresistible as possible. Even if your home is well-maintained, staging can make a major difference in catching a buyer's eye.

A professional knows how to incorporate design trends popular in your local market, and homebuyers want a home that reminds them of that Pinterest-worthy inspiration image. This is especially important if your home is older and going up against new construction in your neighborhood. Having your home professionally staged also helps buyers visualize themselves moving right in, making all the difference in getting them to make an offer.

Use listing photos to your advantage: A picture is worth a thousand words, so if you're aiming to bring in multiple offers, make sure you're showcasing your listing in the best way possible with professional listing photos. Listing photos are powerful marketing tools, and high-quality, professional images are known to help sell homes quicker and for more money. A professional real estate photographer will capture each room at the best angle and highlight its best features, which can help distinguish your listing from other homes on the market.

You can also consider adding drone photography to your strategy to bring more value to your listing and to set yourself apart from other sellers. Aerial photos show your home from a unique perspective and give buyers a 360-degree view in a single shot. After all, homebuyers are looking through and comparing dozens of listings online, and if your photos don't catch their attention from the get-go, you could be missing out on clicks, showings, and, most importantly, offers.