The Chicago Real Estate Minute

4 Steps to Getting Multiple Offers in a Buyer’s Market

4 minute read

Yes, it does happen and can happen for you. But you need to know exactly how to go about it.

Image by skeeze from Pixabay

Price for Multiple Offers

Pricing is always the most important single factor in the sale of any home — be it a Buyer’s Market, a Seller’s market or anything in between. When the market is not in your favor, you really need to hit the bullseye. There are many factors that go into what makes a home “priced well” or “over­priced”, and dis­re­gard­ing any one of them can result in you wasting away on the market unnec­es­sar­i­ly. You have little chance of seeing one offer, much less multiple offers

Understand the Market

Image by Sophie Janotta from Pixabay

There’s a vibe that people feel when it’s a Buyer’s Market. Buyers get the sense they are in control and can wield their current power, and often push the envelope when the signs are there they can do so. Sellers have the dreadful feeling that they’re about to get pummelled regard­less of what they do, and a sense of help­less­ness tends to overwhelm them. Only a knowl­edge­able and expe­ri­enced agent with a track record of success has the ability to guide you through such a market.

One thing that is always the same about the real estate market: it’s ever­chang­ing. The market is like the wind — you can’t see it, but you can often feel it, and you def­i­nite­ly can view the aftermath of it after something notice­able has happened.

Trust Your Agent

Ever wonder how important it actually is to decide on the right agent to represent you as a seller, the one who will shepherd you through this unpleas­ant market and chal­leng­ing process with minimal bruises and maximum sales price? Wonder no more.

Your home is likely your most valuable asset. Allowing anyone that you don’t feel 100% absolute­ly confident can get you the best outcome possible is counter-pro­duc­tive and will likely be very costly in more ways than one. You want a world-class pilot, and nothing less — someone who’s seen all sorts of tur­bu­lence, has decades of expe­ri­ence, has been through just about every­thing, and can deliver you safely to your desired des­ti­na­tion.

Don’t Agonize Over Things

Indeed, if you’re a seller when the market is soft, no one expects you to be overjoyed at the prospect. I know you don’t want to get it “stuck to you”. It’s also important to know that you were not born under a bad real estate sign. It’s just about handling the situation the best way you can.

Image by Pete Linforth from Pixabay

Think about it — what do you do with anything important that has to be done? Yep, you just face the music and do what’s necessary. And the same is true here. Will it be an ideal scenario or a walk in the park? Probably not. But can you have it work out as favorably as possible for you given the market dynamics? Absolutely.

Final Word

Any seller should sell when it’s best for them to sell. Does the ideal “Seller’s Market” always align with when they’re moving so their kids have better schools, or when they get that job in another state, or when they’re busting at the seams? No. Also, remember that there are some advan­tages to selling in a Buyer’s Market. The upper hand is what drives how nego­ti­a­tions go, every time in any market. Even in a less than perfect market, you can get the most out of it and have the upper hand — you just need to realize it and do what’s necessary to make it happen. And multiple offers, which obviously help you as a seller, are def­i­nite­ly still possible.

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