Home pricing strategies that attract multiple offers
If you price your home at market value, or just below, you will attract multiple offers. This will bid your price up naturally, so you will likely get more for your home than if you had priced it at that amount to begin with.
Within the first week or two of a listing going live is when you have the highest chance of attracting multiple offers. The excitement creates a feeding frenzy in a low-inventory market. In contrast, if you have to reduce your price or re-list your house, this same attraction will not occur. If you want the best chance of a multiple-offer situation, you need to price the house at market value or slightly below from the get-go.
Multiple offers are better than simply drawing one offer up high because it gives your seller bargaining power. You can ask for things, like waived contingencies, waived appraisals, higher deposits, etc.
If you price your home 15% above market value, you cut out 90% of potential buyers. If you go 10% too high, you’ll cut out 70% of home buyers will look at your home. At market value, you’ll attract 60% of buyers, and if you price below market value, you’ll attract even more. Let Casey Gores Realty recommend pricing for the biggest win.
