Are you looking to sell your property in this crazy sellers market? Read on to learn 5 ways to attract multiple offers in a seller’s market in Kansas City…
A seller’s market is a market that has more buyers than sellers. Many people use the months of inventory to determine a sellers market. Months of inventory is defined by how fast houses are selling and how many houses are listed on the market. At the current sales rate, how long would it take to sell every available house? That is “months of inventory”. 6 months is a balanced market, 3 is a sellers, and 9 is a buyers market. In a sellers market, sellers have an advantage as there are many buyers trying to buy your 1 house.
Have a supply and demand advantage doesn’t automatically guarantee that you’ll sell your property for way above asking or the market value. In order to get the best price, you want to get multiple offers for your home so that you can both know your options and leverage the offers against one another.
Basically, you’re trying to get a bidding war going for your property. If you just have 1 offer, you kind of have to accept whatever they’re offering. But if you have multiple offers, you’re set up to negotiate well!
Here Are 5 Ways To Attract Multiple Offers In A Seller’s Market In Kansas City
#1. Hold An Open House
If you have an open house where many people are at the property together, you can increase the chances that you’ll get multiple offers. A busy open house lets buyers know that there is competition and other interested parties. This forces them to feel like they might lose the house if they don’t put in an attractive offer immediately.
#2. Set a Slightly Low Price
In a seller’s market you may get a high offer for your home, but in order to get multiple offers quickly it is often smart to set the sales price for the home slightly below market to attract a lot of people at once.
#3. Set a Time Limit for When You Accept Offers
Another way to try and get multiple offers is to only accept offers at a certain time. This is another way of making the property look like a scarce commodity to buyers.
#4. Stand Out (Market Well)
As with marketing anything, getting the attention of your buyers will go a long way towards getting offers on the home. So make the property stand out! You can do things such as have amazing photography taken (which is cheaper than you might think). Twilight photography is very popular! Additionally you can invest in some “curb appeal” by mulching around the home, paiting the door a vibrant color, or re-surfacing your driveway.
#5. Market Your Property to Targeted Buyers
It’s a not-often-used strategy, but getting really clear on who you are targeting (downsizing retirees, first time home-buyers, etc.) and lazer focusing your property showing and marketing can really help to get multiple offers.
A seller’s market is the best time to try and sell your home. You may end up getting multiple offers, but by using these 5 tips you’re more likely to attract multiple offers in a seller’s market in Kansas City.
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 Kansas City Missouri area and we’d like to make an offer too. Click here now to fill out the form or call us at 816-800-9238 and we’ll get in touch with our best cash offer.