Bidding Wars ... Are They Making a Comeback?

Remember back in 2004 and 2005 when the market was so hot?

Houses were selling in a day and you were lucky if you even got the chance to bid sometimes. Even if you did get a chance to make an offer, many properties had bidding wars and went for well over the asking price.

At that time I logged what was my most historic bidding war on a house that sold for $60,000 over the asking price! I know, you are thinking, who in their right mind would ever do that? Well if you price your home at such an advantageous number people will still outbid each other. 

Case in point (a true story), I had a house listing in Natick this past year. The house valued out to around $620,000. We could have gone to market at $629,900 or $639,900 and had many showings that eventually would land us an offer around $610,000 or so. We figured that at that price it would take the average days on market which was (if memory serves correctly) close to 90 days.

We decided to go to market at $599,900. The house got so much attention we had a HUGE turnout at the first showing/open house and had 4 offers by that evening all competing and all over asking. The highest bid was $620,000 and we sold the property in one day. You too can do the same thing.

Market your house at a price that is so attractive you will be best in show. Your buyers will let you know it, and you will definitely get an offer, maybe even several!

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