What do Other Seller’s Multiple Offers Mean for You?
You might have heard about other sellers receiving two, five, or ten offers (or more!) on their home. That’s great for them–but what does it mean for you if you are thinking about selling but your home isn’t on the market yet? If only one offer can win, logically it can be concluded that some qualified, but disappointed, buyers are still searching for their next home—possibly a home just like yours. But how do we attract these buyers if you decide to sell? What condition does your home need to be in? How fast could the time table be once you decide to sell? Let’s dive into these questions!
What condition does your home need to be in?
With housing inventory so tight, most homes are selling very quickly regardless of condition. Keep in mind that different conditions will attract different types of buyers. A home that is falling down may attract primarily investor or builder buyers whereas a home in move-in-ready condition will attract about anyone.
The better condition your home is in – from the roof, to updated flooring, fresh paint, and more – the wider the buyer pool for your property. More potential buyers, in this market, the higher likelihood for multiple offers.
Should I do some upgrades before selling?
This is a difficult question to answer because it depends on so many factors. For example, let’s say you decide to replace old carpet with luxury vinyl plank floors, which is a $10,000 upgrade. However, due to supply and labor shortages, what should be a two-week turnaround is now predicted to be eight weeks – at least. Is it worth it to wait? What if you might get another $20,000 from that $10,000 investment? Or what if another home in even better shape at the same price comes on the same week yours does? The challenge is we can’t predict the future, so you will need to make the best decision for your situation, timing, and resources.
How quickly could I sell?
In theory, you could be sold within two weeks if you needed to be – it would take a few days to get your home on the market and marketed, it would need to be priced to attract a lot of attention, a few more days to receive an offer, and, if the buyer is using cash and can close quickly, you may be handing over keys at lightning speed. However, to get top dollar, the property should be prepped, marketed correctly, and time should be given to attract all the potential buyers, especially if multiple offers are expected.
Other sellers receiving multiple offers may absolutely mean that your home will receive multiple offers, especially when there are disappointed buyers who still need a home. But it is not a given. Utilizing a proven strategy is the best indicator of success and is critical for receiving top dollar whether you have ten offers or one.