Getting the Most for Your Home When It’s Time to Sell
If you need to sell your home now, or are thinking about selling in the future, consult a real estate professional to see what the best time to sell would be. It’s also a good idea to check with your financial advisor and make sure you have enough equity in your current home to cover any costs associated with the sale.
1. Price it Right
In a buyer’s market, it can be harder to sell a home. Potential buyers may assume there is something wrong with the home or they might be desperate, so they will send in a low offer.
To avoid this, it is important to price your home correctly from the start. This can be done by reviewing comparable sales and comparing them to your home. You can also research recent closed homes through your county records.
By pricing your home fairly from the start, you will attract more potential buyers and potentially even set the stage for a bidding war. This is the key to getting the most for your home when it is time to sell. It can be a difficult balance, but a skilled agent will know how to thread the needle.
2. Make it Move-In Ready
Many buyers prefer to purchase move-in ready homes that don’t require a lot of time and money for renovations after closing on the home. This is especially true if they have other commitments or a timeline to meet when moving into their new home.
At a minimum, make sure your house is structurally sound and up to code, with working windows and water and electricity. A clean, neat appearance is another must-have for potential buyers. Hiring a professional cleaner and hiding personal items like family photos before showings can be helpful.
Spruce up the entryway by adding a doormat and fresh flowers, or even rearranging furniture to make the space more inviting. Spending a little on curb appeal can add up to a big return on the investment when it comes to attracting more buyers.
3. Show it Off
A buyer’s first impression of a home often begins at the driveway. Spruce up your front yard by planting some inexpensive shrubs and brightly colored flowers to give a great first impression that lasts.
Once inside, remove personal items like family photos and knickknacks to allow buyers to envision their own furnishings in the space. These little things can make a big difference in how much you can get for your home.
Of course, it is also important to make any necessary repairs and upgrades before putting your house on the market. And timing is everything; studies have shown that
homes listed in the spring are more likely to sell quickly and for a higher price. The best way to get the most money for your home is by creating demand.
4. Be Flexible
Being flexible can help you adapt to the changing needs of your customers. It also enables you to explore new ideas and concepts that may lead to more success in your business.
For example, sellers often make the mistake of pricing their home based on neighborhood averages or other factors that don’t accurately reflect their home’s value. They should only use sold homes with similar square footage, features and year built as comps.
The curb appeal of your home is just as important as its interior. Spend money on landscaping and touch-up paint to boost your home’s visual appeal. If you have pets, find a way to keep them out of the way during showings, too. A vocal dog or messy entryway can discourage buyers from taking a closer look at your property.
5. Be Honest
A common mistake sellers make is telling half-truths. This can lead to frustration for the buyer and cost you money when they later find out the truth. It is best to be completely transparent from the beginning and address all issues upfront. This reduces the perceived risk to the buyer, increasing value and making it easier for them to close on your business. If a whole home warranty is not included, be sure to be upfront when a potential buyer does ask.
The days of promising a feature that doesn’t exist or a price that is too high are long gone. Financial buyers have often completed dozens of transactions and are very skilled at weeding out dishonest sellers. They are highly sensitive to the feelings they get from sellers and can easily pick up on inconsistencies or telltale signs that a seller is being less than honest.