2020 has been a banner year for bidding wars because of a strong sellers market, leading buyers to push prices higher and make contracts more attractive to get the seller’s attention. When you go to sell your home, there are considerations that can help you make sense of the quick decisions you have to make when you have a bidding war on your hands. Start with a great real estate agent, because they are going to be able to show off your home’s design features to the best effect and put you in the best position for competitive offers.

Ask Real Estate Agent For Early Indicators About Bidding Wars in Your Area

Your agent is the first person to help you find indicators that you might have a bidding war situation. They’ll look at comparable sales in the area recently and talk to their networks to see if major bidding wars have happened, driving real estate prices up. If inventory is temporarily up or a couple of homes have recently appraised low, they will also have advice for handling your own micro-market’s sales environment, potentially advising you on how and when to delay listing your home.

Consider What, Besides Price, Matters to You as a Seller

If you are looking for any unusual contingencies or need particular considerations because of your next housing plan, make sure that you make these things clear to your potential buyers. Buyers who, for instance, can do an unusual time till closing or move-out plan may be willing to add this into the contract in order to capture the sale, giving you time to really find your next dream home. Your real estate agent will have a better idea of when such an additional stipulation is foolhardy and when it is reasonable to try for, though.

Advertise Widely to Take Advantage of Additional, Sight-Unseen Offers

Listing online is essential in any time, but it is particularly helpful to do a little early marketing of your listing now, because COVID-19 has boosted the amount of sight-unseen offers coming in when people need to move but aren’t comfortable flying to a new location or doing in-person home tours. Make sure you give these offers careful consideration in addition to the others you receive in a bidding war.

Seller Dropping an Appraisal or Inspection to Sweeten the Deal? Know What This Means.

The Homelight Q3 Real Estate Agent Survey shows that buyers are making their contracts more appealing to sellers with things like a waived appraisal contingency (36% of agents are seeing this), inspection waiver (35%), or no contingency for financing (18%). This doesn’t mean these things won’t or can’t happen, but they do mean that they aren’t reasons to end the contract and get the earnest money back. Basically, they are further signs that a buyer is very motivated, since they’ll lose their earnest money at this point for walking away on account of those three elements.