In some cases, yes. In Civitas Realty's case, it's a 100% yes! The two listings we put on the market in the last 2 weeks sold in one weekend with multiple offers, and over asking price. Currently, many articles and news stories on real estate are quick to point out that, in most cases, sellers are not getting these results. We thought it significant to report that this is not always the case. Why do some properties receive multiple offers in this market? Here is a list of some of the reasons a property might receive multiple offers when another may not:
1. Is the home remodeled or updated? Homes that have been recently updated or remodeled are more likely to draw stronger interest and multiple offers. If your home is not remodeled and/or upgraded then you need to hire an agent who understands what buyers are looking for and how to make your home look its best for as little money as possible. He or she needs to understand how to set the stage and show a desired lifestyle to as many buyers as possible in order to capture the greatest number of potential buyers.
2. Is the home in a desirable location? Homes located in desirable neighborhoods and locations within the neighborhood are likely to draw more attention and multiple offers. If your home is in a less desirable area, then you need an agent that knows how to “play up” its best features to draw more buyers in.
3. Is the price of the home a competitive price? Homes priced below market value are more likely to receive multiple offers. Having an agent on your side who is an expert in pricing strategies could be the deciding factor in gaining more offers.
4. Is there limited supply? When the market is hot and there is a lack of available homes for sale, sellers are more likely to receive multiple offers. Having an agent who knows the market and understands how to market and price a home for current supply vs demand is vital to your success in obtaining more than one offer.
5. Is there a clear and precise marketing strategy for the home? Sellers who hire agents that have a clear marketing strategy and plan give themselves a better chance of capturing multiple offers and therefore boosts their chance of getting the most money for their property.
6. How qualified is the listing agent? When hiring an agent, ask for examples of success. Have the agent show you specific transactions that support their ability to get you multiple offers. A well-qualified agents should have several examples and should be skilled in ALL of the areas above, and then some.
So how did we secure multiple offers in our last two lisitngs when many are not? The answer is simple: Proper presentation of the home + proper pricing strategy + precise marketing strategy + experienced agent = results that put more money in the pockets of sellers in a shorter amount of time with the least number of complications.