Tips To Sell Your Home For More Money
Whether it is a seller’s market, where inventory is scarce and bidding wars are common, or a buyer’s market, where there is a surplus of homes and low demand, it still pays to invest some time and energy in positioning your home to sell for top dollar.
This can involve a variety of steps, from working with a real estate agent who truly understands the local market to spending some money on the right renovations and improvements that will encourage buyers to pay a higher asking price.
Here are 10 tips for selling your home that will separate you from the competition — and help you sell for more money.
1. Find a trusted real estate agent
Working with a skilled real estate agent who knows your local market inside and out can help you sell your home quicker, and often, for more money. In fact, data from the National Association of Realtors shows that in 2021, homes listed without the assistance of a Realtor sold for a median price of $260,000, while those sold with one fetched a significantly higher median of $318,000.
2. Invest in value-add improvements
Determining which home improvements to invest in can be daunting, and the costs can add up quickly. The key is to spend your money on projects that will provide the most return on your investment. A garage door replacement, for instance, is the single most valuable investment when it comes to ROI, according to data from Remodeling magazine. The average return on a new garage door is just under 94 percent.
Minor kitchen upgrades are also a wise investment, many people feel that the heart of the home is the kitchen, and many buyers will judge a property by its kitchen.
Updating a bathroom is another wise investment, renovated kitchens and baths are the ‘money rooms’ — those that add the most value to a home.
3. Up your curb appeal
Curb appeal should not be overlooked: As the saying goes, you don’t get a second chance to make a first impression. Ensure your front yard is free of debris, the bushes are trimmed and the grass has been mowed. Also, add some bright potted plants by the front door to make buyers feel welcome.
Some easy updates that really improve curb appeal include touching up exterior paint, adding window flower boxes and installing a new mailbox.
4. Get a pre-listing inspection
Investing in a home inspection before putting your property on the market is another step to consider. You want to avoid any unexpected surprises. It’s best to find out beforehand if there are any issues that you can fix before buyers find out on their own. That would give them negotiating power for a lower price or, worst case scenario, a reason to back out of the deal. So it may be worth a few hundred dollars for the peace of mind.
However, there can be a downside to a pre-listing inspection. “Because once a seller becomes aware of an existing defect and does not correct it prior to listing, they are obligated to disclose it to a buyer.
5. Highlight the positive with professional photos
Spending a bit of money on high-quality photography can go a long way toward helping your home sell for a higher price. The majority of home searches begin online. When your photos pop, it can translate into a higher sales price — and sell faster, too.
But remember, the goal of photographs is not to show every detail online, it’s to make a buyer want to see more. If they don’t come see the house, they probably aren’t going to make an offer.
6. Stage your home
When it comes to home staging there are two rules of thumb: less is more and keep it neutral.
It’s very important to capture buyers’ interest from the front door. Remove objects and clutter that visually shrink a room, such as large ottomans or too many plants, and remove everything from the kitchen counters except for one or two new-looking appliances. And don’t forget to stage your back patio as well.
7. Set the right asking price
Identifying the best asking price for your home will be critical to your success. When a home is priced right, it will attract more buyers to visit. Setting the price too high can backfire and prevent buyers from walking through your front door. If you want to be conservative, always price on the lower end to entice maximum buyer interest.
How do you find that sweet spot of pricing for profit but not overpricing? That’s where the expertise of your agent is truly valuable. A knowledgeable agent knows how much your house is worth, and how much you might reasonably get for it. List at a number that is lower than comparable properties, to draw attention to it, but not so low that you will be disappointed if you only get one offer right at list price. If enough buyers are enticed, you could be setting the stage for a bidding war.
8. Remove personal items
The goal of any showing is for the buyer to envision their own belongings in the home. So, while family photos and other knickknacks might seem like they have no bearing on how much money your home commands, they really do matter — especially if you are still living in the home while you’re trying to sell it.
If buyers are distracted by personal items, then chances are they won’t be able to see themselves in the space and will not end up making an offer.
9. Be ready to move fast
Once your property is listed on the market, things can happen quickly. It’s important to be well prepared ahead of time so that you can be as responsive as possible to potential offers. Fill out all the necessary documents, such as any seller disclosures, and have paperwork for recent repair work or home renovation costs.
Sellers who are slow in reaction time or unresponsive can lose buyers, If buyers don’t feel that they are being dealt with fairly, they are very likely to walk away.
10. Use your head, not your heart
Finally, try to remove emotion from the equation and see things as a simple transaction — your home is no longer “home” but a product for sale. Be clear on what issues and items you may be willing to make concessions on if buyers ask. It’s not unusual for prospective buyers to request credits or repairs, and it’s easy as a seller to take offense.
It’s important to take emotion out of it and keep in mind that the buyer usually doesn’t expect to get everything they ask for. Take a look at which requests are valid and fair and offer something. The cost to you is not in giving the concession — it’s the expense of losing the buyer, putting the property back on the market, starting all over again and getting a potentially lower offer.
We are here to help you with this entire process so call us with any questions!
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