Receiving Multiple Offers When Selling a Home on Long Beach Island New Jersey
The LBI Real Estate Sales Market
Home sales on Long Beach Island have been improving. Since Hurricane Sandy, there has been a strong interest in the LBI real estate market and many buyers have been aggressive in their home search. This can lead to a situation where bidding wars can occur. Most single family homes sell for about 92%-96% of their asking price so by pricing your home in line with the current market, it is possible to get multiple offers when selling in the LBI real estate market.
How to Get Multiple Offers When Selling in the LBI Real Estate Market
When listing a house for sale on Long Beach Island, it is important to be objective. This objectivity can help you price your house correctly and take the additional steps needed to sell your house. A few smart steps to help get multiple offers are:
- Price the house correctly
- Market the house to both buyers and to other agents
- Be realistic during the negotiation process
Pricing, above all else, is the number one factor when selling your house on Long Beach Island. With the massive amount of information available today, buyers are very aware of the current real estate market. An overpriced listing will stand out and will result in a buyer passing it over. A house must be priced in line with similar homes that have sold and, more importantly, in line with current active listings as they are the direct competition on the market. By focusing on the current active inventory, you can make your house stand out by offering a better house at a fair price. This will often lead to multiple offers when selling on Long Beach Island.
Marketing is often toted as being important throughout the sales process but marketing has many different facets. While it is clearly important to market to prospective buyers, it is equally important to market to other agents working on Long Beach Island. The best and most effective way to do this is with a broker’s open house. This special open house is designed for agents only and is often catered by the listing agent. It allows agents to preview the house and ask the listing agent any questions. By doing this, the other agents who work on LBI are more knowledgeable about your listing and can better inform their clients.
Once interest is shown on the property, it is important to cultivate that interest into an offer. In this or any market, a seller should never pass up the opportunity to open a dialogue with a prospective buyer. If an offer is made, even if it is unrealistic and low, a seller should ALWAYS counter with a strong number! A low counter, for example $10,000, can be as unrealistic as the low initial offer and does not help to move towards getting the house sold. By making a strong and realistic counter, even to a low initial offer, it shows that you are serious about selling the house. If subsequent offers are still low, than it may be time to move on to the next buyer.
Selling a House in the Long Beach Island Real Estate Market
Selling a house on Long Beach Island is a major financial decision and one that require careful planning and execution. By following the steps outlined above, it is possible to get multiple offers when selling in the LBI real estate market. These multiple offers can lead to a higher net sales price! Pricing, marketing and negotiation are far more involved than can be outlined here so if you would like more information about selling a house on LBI and more tips on how to get multiple offers when selling in the LBI real estate market, feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org