{"id":16492,"date":"2020-10-07T11:11:00","date_gmt":"2020-10-07T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16492"},"modified":"2020-10-07T09:40:53","modified_gmt":"2020-10-07T16:40:53","slug":"how-to-navigate-a-bidding-war-as-a-seller","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/10\/how-to-navigate-a-bidding-war-as-a-seller\/","title":{"rendered":"How to Navigate A Bidding War as A Seller?"},"content":{"rendered":"<p style=\"text-align: justify;\">The real estate market is doing some weird and wonderful things in light of the pandemic. Many areas are experiencing an aggressive sellers\u2019 market, unlike any they\u2019ve experienced before. This occurrence puts many sellers in the prime position of navigating a bidding war.<\/p>\n<p style=\"text-align: justify;\">If you\u2019re selling your home, you may be wondering how a bidding war can benefit you. Here\u2019s what you need to know about bidding wars and how to navigate them for the best results.<\/p>\n<p style=\"text-align: justify;\"><strong>What is a Bidding War?<\/strong><\/p>\n<p style=\"text-align: justify;\">A bidding war is when multiple competing offers come in at the same time. In many cases, the offers are near or above the listing price. This puts sellers in a prime position to increase their selling price and improve their financial situation when selling a home\u2014 especially when the house is for sale by owner.<\/p>\n<p style=\"text-align: justify;\">While a bidding war is inherently a good thing, it can be a stressful situation. Many sellers feel compelled to accept the highest bid when it\u2019s not always the right choice. Others rush into making a decision out of fear that potential buyers will pull out.<\/p>\n<p style=\"text-align: justify;\"><strong>How to Navigate a Bidding War<\/strong><\/p>\n<p style=\"text-align: justify;\">The key to successfully navigating a bidding war is to take your time, think logically, and look at all the variables.<\/p>\n<p style=\"text-align: justify;\"><strong>Set the Right Price<\/strong><\/p>\n<p style=\"text-align: justify;\">To initiate a bidding war, you need to start by setting the right price. In a seller\u2019s market, this should be on par with similar homes or a bit less. It\u2019s vital not to undercut the price too much, as you risk selling yourself short and implying that something is wrong with your home.<\/p>\n<p style=\"text-align: justify;\">Take some time to research homes in your area. Determine what they\u2019re listed for and how much they sell for. This exercise will give you a solid idea of how to price your home.<\/p>\n<p style=\"text-align: justify;\"><strong>Market Like a Pro<\/strong><\/p>\n<p style=\"text-align: justify;\">Channeling your inner marketer is another vital step in initiating a bidding war and procuring high-value offers. Use high-quality videos and imagery to do a virtual walk-through before it goes on the market. Start showing your home a week or two before it officially goes up for sale to build hype.<\/p>\n<p style=\"text-align: justify;\">Social media is a powerful way to market your home. Both real estate agents and people handling their own sales can reach hundreds or even thousands of potential buyers using well-planned social media.<\/p>\n<p style=\"text-align: justify;\"><strong>Set a Review Date<\/strong><\/p>\n<p style=\"text-align: justify;\">Create a sense of urgency by promoting an offer review date with your listing. By telling potential buyers that you have a deadline and are pushing to sell, they\u2019ll be more likely to make a generous and timely offer.<\/p>\n<p style=\"text-align: justify;\">Setting a review date doesn\u2019t mean you have to accept offers that come in by that deadline\u2014 a review date isn\u2019t legally binding.<\/p>\n<p style=\"text-align: justify;\"><strong>Look Beyond Monetary Offers<\/strong><\/p>\n<p style=\"text-align: justify;\">When you start to get offers, it\u2019s vital to look beyond the highest number. There are a lot of moving parts in selling a home, and the top monetary offer isn\u2019t always the best. It\u2019s also important to consider the contingencies\u2014 like waiting on the buyer to sell their home first\u2014 and the conditions.<\/p>\n<p style=\"text-align: justify;\">When looking at offers, you also need to consider whether the buyer is pitching beyond their means. Look for a buyer who has mortgage pre-approval, not just a pre-qualification. If your asking price is significantly higher than the appraisal, then securing a loan might be challenging for the buyer.<\/p>\n<p style=\"text-align: justify;\">Finally, if you receive any cash offers, you should consider them. Cash offers are rare and come with the potential to save time while generating more money, even at a lower offer.<\/p>\n<p style=\"text-align: justify;\">Knowing how to navigate a bidding war is important when selling your home. Being aware of these tactics will also help you when purchasing a new home during a sellers\u2019 market.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/a-sellers-guide-to-navigating-bidding-wars\/98759834\/\" target=\"_blank\" rel=\"noopener noreferrer\">A Seller\u2019s Guide to Navigating Bidding Wars<\/a> by Jamie Richardson | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The real estate market is doing some weird and wonderful things in light of the pandemic. Many areas are experiencing an aggressive sellers\u2019 market, unlike any they\u2019ve experienced before. This &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/10\/how-to-navigate-a-bidding-war-as-a-seller\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16492","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Navigate A Bidding War as A Seller? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/10\/how-to-navigate-a-bidding-war-as-a-seller\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How to Navigate A Bidding War as A Seller? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The real estate market is doing some weird and wonderful things in light of the pandemic. 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