How did we manage to get over 100 offers on a single property?
On just one listing in Whittier, California, I helped a client generate 121 different offers. Even in our red-hot market, that’s a crazy amount of interest in just one home. So how did I manage it? Today I’ll share my tips for getting more offers for your listings, but we also need to differentiate between the factors we can—and cannot—control.
The real estate market is one of the things that we can’t control. The reality of the market in Whittier is that the supply of homes is extremely low, while the demand is really high. There are hundreds, if not thousands, of people waiting to buy homes in the area. During the property’s open house, the line of interested buyers went out the door and all the way down the sidewalk; it looked like people were waiting to get into Disneyland.
“We received so many offers because of high demand, low supply, and the home’s move-in-ready condition.”
Now, there are also factors we could control. The previous owner had passed away, so the successor trustee came in to make decisions on behalf of the home. We worked with the trustee to get the home ready for sale. First, we held an estate sale to get everything out of the home. Then we gave all the walls a fresh coat of paint and deep cleaned the place to make it look and smell fresh. Finally, we staged the home.
The combination of high demand, low supply, and the move-in-ready condition of the home ended up drawing over 100 offers. Though getting many offers does increase the amount a seller can get for their home, it also comes with issues. If the price is bid up too high, the home might not appraise for the amount on the accepted offer, and if all the highest bidders are using loans, you’ll then have to work through the challenges of bridging the gap between the appraised value and the contract price.
If you have any further questions about generating more offers on your listings or anything else to do with real estate, don’t hesitate to reach out to me by phone or email. I’d love to speak with you.