When the market is hot, homeowners often find themselves in the enviable position of receiving multiple offers. However, that’s not the case right now. But if present a good deal and prospective buyers feel the same, you might receive multiple offers which can drive up the selling price. As an experienced realtor in Brampton, I’ve seen houses get sold in 2 days or those that took 3 months and the major difference was how accurately they were priced.
Here are 9 ways you can prepare for multiple offers on your property:
1. Enlist a Seasoned Real Estate Agent
A seasoned agent knows the ins and outs of the local market. They can provide insights on buyer behaviours, guide you on setting the right price, and use their negotiation skills to ensure you get the best deal.
2. Price with Precision
Price too high, and you might deter potential buyers; price too low, and you might leave money on the table. Research recent sales in your area and consult with your agent to set a competitive yet attractive price. If you feel the listing price is too low, wait until a few months to a year and try again.
3. Stage for Success
First impressions are crucial. Consider investing in professional staging to make your property stand out. A well-presented home can spark bidding wars as buyers can more easily envision themselves in the space. Remember, you’re not just selling a house; you’re selling a potential home. If you don’t want to hire a professional, search up the internet for some DIY ways you can stage your home.
4. Set Clear Terms Upfront
Before the offers start rolling in, know what you’re willing to negotiate on and what’s non-negotiable. Whether it’s the closing date, included appliances, or specific conditions, being clear from the outset can streamline the decision-making process when evaluating multiple offers.
5. Stay Calm and Objective
Multiple offers can be overwhelming, and it’s easy to get swept up in the excitement. However, it’s essential to remain calm and objective. Review each offer carefully, considering both the price and the terms. Discuss with your agent, take your time, and remember that the highest offer isn’t always the best one.
6. Leverage Pre-Inspections
Before listing, consider conducting a pre-inspection of your property. By addressing any potential issues upfront, you can instil confidence in buyers, making them more likely to submit competitive offers.
7. Host Open Houses Strategically
Instead of frequent open houses, consider limiting them to create a sense of urgency among potential buyers. When buyers see others showing interest during a singular open house, it can motivate them to submit an offer sooner rather than later.
8. Be Transparent About the Process
If you’re expecting multiple offers, let potential buyers know how you’ll handle the situation. Whether you’re setting a specific date to review all offers or taking a more flexible approach, transparency can prevent misunderstandings and foster goodwill among buyers.
9. Consider Offer Expiry Dates
While not being able to sell a house before expiry isn’t the best case scenario, it is a learning lesson to hold off the selling. On the brighter side, it’ll entice motivated buyers to make quick decisions if they feel it’s a good deal.
Facing multiple offers on your property is a testament to its appeal and the strength of the Canadian real estate market. Work with an experienced realtor in Brampton who can price your property accurately and negotiate in your best interests. Contact Realtor Catherine Nacar today.