How Often Do Listings Receive Competing Offers?

Posted by Dan Miller, REALTOR on Monday, April 3rd, 2017 at 5:53am.

How often do Madison area real estate listings receive multiple offers? The South Central Wisconsin MLS actually started tracking this statistic in 2016. We like following this stat because it gives us some great insight into the market and the performance of our team.

Competing Offers Give us Insight into the Market

As we posted a few weeks ago, competing offers are most common during the springtime. If you're looking to time your sale just right, then right now is the perfect time to sell. Your odds of attracting multiple offers and getting a fantastic price are highest in the Spring. 

 

Competing Offers Help us Measure our Team's Performance

We design our marketing to attract multiple offers, because competing offers allow us to negotiate the highest possible price and the best set of terms for our clients. Last year, 50% of our Dane County listings received multiple written offers - compared to the MLS average of 21%. 

 

Our goal for 2017 is to increase our percentage to 75%. So far through March we're on track to reach this goal, with 6 of our 8 sold listings receiving multiple offers. The MLS average through the month of March is 23%. 

 

Tips for Attracting Multiple Offers

Wondering how you can attract competing offers for your own listing? Here are 3 quick tips for making it happen:

  1. Include professional staging and professional photography in your marketing. You'll get more showings and more offers when your listing has a beautiful presentation. 
  2. Build coming soon marketing into your home selling plan. Do this and you'll have buyers lined up at your door as soon as you're ready for showings to begin. 
  3. Allow at least 3 to 7 days of showings before you negotiate with any buyers. In other words, don't be in a rush to negotiate with the party who writes an immediate offer. Allow time for more offers to come in; then negotiate with all of the buyers who've written. 

For More Info on our Team's Home Selling Results

Visit this page to view our team's home-selling performance. We use objective data to show how our pricing, days on market, and listing success rate compare to the rest of the MLS. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
610 Junction Road #205, Madison, WI, 53717

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