Is Holding off on Offers the Best Strategy?
One of the questions I often get from sellers is “Is holding off on offers the best strategy? Should I try and generate that bidding war? Or do I take offers as they come?” There are several different factors that you have to take into consideration when choosing the right method for you.
1: What’s the current market like? Are houses in your price point selling quickly?
If the majority of them are going to multiple offers, then you may be better to do a hold off period. However, if less than 50% of them are going to multiple offers, then you’re likely better not to hold off. Why? First of all, buyers hate bidding wars. If your house is holding off on offers, and the majority of homes on the market aren’t, they’re going to disregard your property and move onto another one.
Also, when you’re holding off on offers, usually you’ll use a strategy of listing at a lower price to attract a bunch of buyers, with the hopes of getting that crazy bidding war, and getting that one offer that’s way higher. However, if the majority of the properties are not going to multiple offers, then you run a high risk of just anchoring yourself to a lower listing price. If you list it at a low price and don’t get offers it is difficult to raise the price afterward.
2: Do you have a unique property, in a really desirable area, that doesn’t come on the market very often?
Or is your property one that’s really hard to price? If that’s the case, you may still want to hold off, regardless of the market, just to ensure that you’ve got enough exposure before you take offers, so that you know you actually are getting the best possible price for your home.
If you have any questions about which strategy you should use, please contact us at the GoWylde Team, and we’d be happy to provide you with our advice. Have a great day.