Shreveport home bidding wars have become increasingly common since the housing market turned around. Here are a few tips for buyers and sellers on handling multiple offer situations.
Tips for Winning a Shreveport Home Bidding Battle
Keep it Clean
The cleaner the offer, the better. That means fewer contingencies or no contingencies. Cash buyers almost always have an advantage.
Sometimes losing is winning, if that means not overpaying. Do your homework, and know what a property is worth. Never fall in love with a property to the point where you lose a grip on your common sense.
It pays to snag properties before others make offers. Get out there, beat the bushes and find something others aren't seeing. Make sure your real estate agent knows all of your wants and must-have's so they can keep a keener eye out for your perfect Shreveport home.
Pricing a property correctly can generate a lot of interest and potentially spark a bidding war. Overprice your property, even a little, and that will almost guarantee that this article won't apply to you, because you won't have multiple offers coming in if you're overpriced.
Make It Human
Sometimes what wins sellers over is a personal letter saying who you are. Try to connect with the seller and not just be a number on a piece of paper. Some sellers take the offer with a letter which was less money than the one without a letter.
Go back to everyone and give a deadline for all bidders to turn in their highest and best offer. But be honest and ethical. Buyers will recognize a shyster and run for the next Shreveport home for sale.
We encourage our Shreveport home buyers not to engage in bidding wars. Let us help you do your homework so as not to find yourself in multiple offer situations. Call us today for a no-obligation consultation on the current state of the Shreveport home market.