The market has spoken, and your home is in high demand. Juggling multiple offers may come with its own challenges, but they're challenges that every homeowner wants to face when their home is on the market. With real estate markets performing well and interest rates still at historic lows, your Dallas Fort Worth home is sure to draw attention from interested bidders. So, how do you turn that attention into the best possible return on your investment? It all starts with choosing the right REALTOR®.
Your team at RE/MAX DFW Associates has you covered, with these five tips on how to handle multiple offers when selling a house.
Handling a Hot Market: How to Juggle Multiple Offers for Your Home
- Encourage Competition – The Dallas Fort Worth area has attracted a ton of new residents in recent years, so this is a great time to generate multiple offers on your home. As the offers start rolling in, it's important to let potential buyers know that they have competition. Home buyers will likely be expecting that competition, so letting them know you have multiple offers will motivate them to provide the best bid possible.
- But Be Respectful – While it's important for buyers to know you have multiple offers, you don't necessarily need to broadcast that message in a pressure-packed way. It pays to be respectful – but also as honest as possible – when letting buyers know you have multiple offers. Competition already motivates buyers to put forth their best offers, so you won't necessarily need to make an aggressive pitch about the offers you've received.
- Rely on Your REALTOR® – For most people, selling a house is a relatively rare occurrence. You might have some experience selling previous homes, but your REALTOR® lives and breathes real estate every day. They know how to juggle multiple offers, and when to apply a bit of pressure for bidders to produce their best offer. If you have questions, comments, or want to talk strategy, your real estate agent should be your go-to resource.
- Money Isn't Everything – Entertaining multiple offers increases your chances of getting great value for your home, but remember to consider other important factors in addition to the cash value of an offer. Will the buyer be bringing cash, or (like most buyers) need a mortgage? If the buyer will need a mortgage, pre-approval becomes a priority. Are you hoping for a quick sale? Then you'll want a buyer who is ready to close ASAP. If you're shopping for a new home while selling your current one, however, a longer closing period may actually be preferable.
- Setting and Achieving Goals – Setting clear goals when you begin the process of selling your home will make it much easier to navigate multiple offers when the time comes. We've touched on a few of the most important items already, including closing speed, financial value, cash vs. mortgage, and extra perks. You can always adjust your goals based on the offers you receive, but the whole process will be much simpler if you start with a strong idea of what you want, and work from there.
There are plenty of little things that you can do to simplify the process of selling a house, but there's no substitute for the help of an experienced, dedicated REALTOR®. Contact our team at RE/MAX DFW Associates for everything you need to buy and sell homes in the Dallas Fort Worth real estate area.