How to Get a Bidding War Going on Your St. George Home

How to Get a Bidding War Going on Your St. George HomeA bidding war, when multiple buyers are trying to outbid each other for the same property, works in the favor of the seller. If you want to encourage a bidding war to get going on your home for sale in St. George, there are a few things we can do to signal to buyers that the property is ready to move fast. 

Selling a home successfully requires the right strategy to help you meet your goals. These are some of our tips to spark a bidding war. 

What is a bidding war?

A bidding war is a situation in real estate where multiple potential buyers compete to purchase a property, often leading to a series of escalating offers. This competition typically results in higher bids than the initial asking price as each buyer tries to outbid the others to secure the property. While it rarely happens in a buyer's market, it's not uncommon to have a bidding war in St. George during a balanced or seller's market.

Why try to get a bidding war going?

First of all, why is it a good idea to try to spark a bidding war? Real estate expert Geoff Tackeny with Team Tackney explained it this way:

"A bidding war is a seller's best friend, as it drives up the final sale price, increases the speed of the transaction, and ensures you get the maximum value for your property by leveraging buyer competition."

What can a seller do to encourage a bidding war?

There are a few strategies we can employ to encourage a bidding war on your home. 

Pricing to Sell

First, the listing price really matters. The first and perhaps most critical step in sparking a bidding war is pricing your home correctly. Setting a competitive price from the start can attract multiple buyers, creating a sense of urgency and interest.

We will help you determine that sweet spot for your pricing based on a market analysis.

Setting a Deadline

Creating a sense of urgency is crucial in sparking a bidding war. One effective way to do this is by setting a deadline for accepting offers. We can announce that you have set a deadline in your listing, and make sure all buyers and buyers' agents are aware. We will emphasize that all offers will be reviewed after the deadline, and inform buyers that you expect strong offers due to high interest.

Hosting a Memorable Open House

An impressive open house can generate buzz and attract multiple potential buyers, setting the stage for a bidding war. When the buyers are all viewing the home on the same day, there is a subtle sense of urgency created. 

There are a few things we can do to make sure your open house stands out from other properties. These are some of the tips we give our sellers for a successful open house:

  • Schedule your open house shortly after listing your home to capitalize on the initial excitement.
  • rofessionally stage your home to showcase its best features.
  • Create a welcoming ambiance with good lighting, pleasant scents (such as freshly baked cookies or scented candles), and soft background music. Provide refreshments to make visitors feel at home.

With the right marketing and preparation, we can set you up for a successful home sale and encourage buyers to make offers quickly. Ready to learn more about St. George real estate? Contact us any time. 

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