It’s no secret that we are in a hot seller’s market here in Atlanta, and if you are reading this, then you are selling your house or at least considering it.
The great news is that with mortgage rates at the lowest they have been in a half-century, the buyers are there. This is a great time to stand out from other home sellers so you can attract the best buyers, and get top dollar for your house. Check out our latest post to discover 4 ways to attract multiple offers in a seller’s market in Atlanta.
A seller’s market is simply one in which there are more buyers than sellers. The demand is high because the number of houses for sale is low. This causes home prices to rise, which is exactly what we are seeing here in Atlanta.
The difference now (in Oct. 2020), is that we are still dealing with uncertainties of the Coronavirus. This means that even though there are likely homeowners out there who would list their house in more normal times, they may not be doing so now because they just want to wait until we get to the other side of this strange and scary time.
But don’t expect this to last forever. Home prices have been on a massive run over the past decade and are due to come back down soon. How long this will be is anybody’s guess, but it could be a few months or maybe another year or two. Nobody can see the future.
When you are selling in a seller’s market, you want to get as many offers as possible. This may set up a “bidding war” and you can often sell for over your listing price if you do it right.
You can also sell faster this way because some buyers will be able to pay faster than others. More offers just give you more choices and more room to negotiate. Multiple offers are a home seller’s perfect situation.
Here Are 5 Ways To Attract Multiple Offers In A Seller’s Market In Atlanta
#1. Don’t Overprice It
Anyone who has worked with me or read my articles knows that price is always the first thing I look at when you go to sell your house, because a lot of people (and some agents) get this wrong.
Most people know that this is a seller’s market in Georgia, so they list their house for top of market, or even higher hoping that a desperate buyer will bite. While this may work, it also presents some potential pitfalls that you would rather avoid. And it simply something that you just don’t have to do.
For example:
- Fewer (or no) calls – If the home is listed too high, then fewer people are going to call. Or maybe nobody will call. This makes sense, right? If there is a lower-priced home in your neighborhood in a similar condition, then that one is going to get more attention. Or, they may just wait until the price comes down a bit, which means more time that you have to wait. You want buyers to call you, so don’t overprice it.
- Sits on the market too long – Another consequence of listing too high is that the home will sit on the market for too long. This can cause both financial and psychological effects. The longer the house sits, the more you pay in “holding costs” – taxes, insurance, utilities, etc. This can start to weigh on you emotionally as well. The excitement that you had at the start of your home selling journey now becomes a pain. You start to think that there is something wrong with your house, or that buyers just don’t want it.
- Buyers start to think something is wrong with the house – The longer your house sits, the more potential buyers will think that there is something wrong with it. They know that others have already been out to look, but didn’t purchase for one reason or another, so they just move on to the next one.
- Multiple price reductions – Buyers can also see on Zillow if the price has been reduced multiple times. Again, this can lead them to believe that something is wrong with the house, and that nobody is interested in it for some reason.
Even though you might ask for and even get a high selling price, asking for a slightly lower price could be a better strategy. Why? Because you get more offers! This allows you to renegotiate a higher price, and pick the “highest and best” offer.
How do you know where to price your house? Watch my video for a quick and easy way to estimate your home value using Zillow for free.
#2. Skip the Open House and Host a Moving Sale Instead
Open houses have traditionally been seen as a way to get multiple buyers to your home and therefore more offers. On the other hand, however, you may just attract nosy neighbors and local realtors looking to network, which is just a waste of your time.
And with COVID, you probably don’t want to have a ton of people walking through your house anyway.
Instead, host an outdoor “moving sale”.
Here’s how it works:
- Clean out all your stuff that you are not moving to your new house
- Post a “Moving Sale” on Facebook Marketplace and Craigslist
- Put up “Moving Sale” signs in your neighborhood and in your yard
- Spend a weekend selling your stuff and talking up your house
- Take all your signs in the neighborhood, please…..
This way you are knocking several items off your list. You are simultaneously decluttering, marketing your house, and making a little extra cash as well. Score!
#3. Make It Stand Out
Think of your house as a piece of art that you want to sell. Clean it up, make it look super-nice, and take great high-quality photos to list online. When you do list it, spend some time on the description.
Write out the things that you love about the house and the area – great schools, wonderful neighbors, lovely entertaining area, etc. You are trying to sell your house through the pictures and description, so don’t skimp on this.
You can also make your house stand out in different ways. One of the most common is to paint your front door a brighter color than the house. This can be a great idea, but be careful with this. I’ve seen a lot of houses where this had the opposite effect. Go for softer hues, and stay away from strong shades like Canary Yellow or Fire Engine Red.
Another tip to make it stand out is to place something nice, but temporary, like a chalkboard or a sign on the porch that says “Welcome to Your New Home”, or “Welcome to the Neighborhood!”. Something that makes it memorable!
I also have to mention that you really want to make sure that your house doesn’t stand out for the wrong reasons. Clean it up, remove the clutter, and if people are coming over to see the house, make sure you vacuum and mop.
#4. Target Likely Buyers
This is can be a really powerful way to attract multiple offers, and it’s often overlooked.
Think about who are the most likely buyers for your house and then focus your marketing on that audience.
Here are a few examples of what I mean:
- Young Professionals – They will be looking in the cool area of town with restaurants and nightlife. They want a low maintenance home and ample entertaining space. Highlight these things in your listings.
- First-time Homebuyers – Often newly married couples are looking for a home that is affordable and in a nice enough area to start a family. Not always looking in the hippest area of town, but they still want to be close to their jobs and aren’t necessarily looking for a 5BR, 3000 sq. ft. house, yet.
- The Growing Family – Now you have homebuyers are upgrading from their first home. They need more space and a good school district for their growing family. Nightlife and commute times are not as important as space, safety, and great schools.
So think about what neighborhood your house is in, and then highlight the features that attract your likely buyers.
Summary
In a seller’s market you should be able to attract multiple offers if you follow these tips above – but the more offers you get, the better. Use these 4 ways to attract multiple offers in a seller’s market in Atlanta.