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The Trick to Starting a Bidding War on Your House

Posted by Rachel R. Vanderveen on Saturday, January 21st, 2012 at 8:46am.

If you want to start a bidding war on your home, you need to work closely with your real estate agent to accomplish one goal: irresistibility. You’ll need this in two ways: irresistibility of price and irresistibility of product.  When you’re listing your home for sale, you have to remember that it’s no longer a home; it’s a product. Starting with this fact on the forefront of your consciousness, will ensure that you make the best decisions possible when it comes to selling your house on the Calgary Real Estate market for top dollar.

A lot of people assume that irresistibility of price means blowing your home off the market at the lowest price possible. Who couldn’t resist that, right? But making your home sell for the highest price, cannot include a bargain basement asking price. I always tell my clients that there is a magic window of pricing that suits your home perfectly. That window can only be found by doing a very thorough comparative market analysis (CMA), which your agent will go through with you. Pricing your home inside that window, will draw the most buyers, while maintaining the highest possible asking price.

Pricing your home right is single most important thing you can do to start a bidding war on your home, so it’s important to be realistic. Your agent will go through the details with you in order to arrive at a price you can both agree on. Having a price that is too high, even if it’s only by $5000 will keep some buyers from seeing your home, and making offers on your home. Many sellers have said to me, “Well if I like a place, I’ll just write an offer for what it’s worth, not what they’re asking.” There certainly are some people with that attitude, but they are the exception, not the rule. Most people don’t like writing stinky low-ball offers, so they’ll walk away from a home that’s over-priced even if it meets their needs entirely.

The second aspect to starting a bidding war is a perfectly clean and staged home. Lately, as I’ve been taking buyers out to views homes for sale, I’ve been pretty shocked by the state of the homes being placed on the market. People don’t realize that a home that is clean and well-kept has a huge value to it. These homes sell faster and for more money than their dirty unstaged counterparts.  Paying close attention to the visual marketability of your home will always yield a higher price because, frankly, there are not a huge lot of sparkling clean and staged homes out there right now!

Starting a bidding war on your home can be done by paying attention to these two steps. Neither one is simple, and both can be time-consuming, but if they’re done well, you can expect your home not to last very long on the market.

Rachel Vanderveen

The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736

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