Here is the best way and some helpful tips to maximize your home sale price.
Selling your home isn’t as easy as it may sound. It can often be quite time-consuming and challenging. Most people sell their homes a few times in their lives and don’t have a lot of experience. Your goal is to make a lucrative sale and sell as quickly as possible. Therefore, you must investigate your local real estate market first.
Knowing when to sell, home sale price or what price to set as well as what renovations can boost your home’s value is crucial. As you can see, there are quite a few things to decide on before you list your home for sale. With that in mind, we’ve prepared for you some helpful tips on how to maximize your home sale price.
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Assess your local real estate market
How much money you’ll get for your home depends mainly on its location, size, and condition. Global market trends come and go, but knowing your local market is essential.
Even local market conditions often change and fluctuate due to various reasons. A home similar to yours can sell for twice as much money in some other town, or vice versa.
Therefore, you should focus on things that are driving home sales in your area. What are the most desirable home features?
What was the average sale price for homes similar to yours in the past six months?
How long does it usually take to sell a home? These trends are very important.
However, most of us aren’t seasoned investors who know how to create passive income with ease. Therefore, hiring a professional real estate agent can be truly helpful.
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An experienced real estate agent will help you maximize your home sale price
A real estate agent with loads of experience and a good track record of sales can enable you to get top dollar for your property.
They are familiar with the local market and its trends. Therefore, a reliable agent can help you set a fair and competitive price as well as sell your home as quickly as possible. On top of that, they’ll handle all the paperwork, negotiate the price, and give you advice on how to increase your property’s value.
Sure, hiring an agent means some extra expenses – the average agent’s commission is about 5% of the home price. However, a reliable agent has your best interests at heart.
Not only will their advice help you achieve the best price for your home, but they’ll help you avoid all the possible pitfalls along the way.
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Set a fair price and be realistic
Selling your home, especially for the first time, can be very emotionally challenging. Our home is more than just the property for us. It’s the place we love and cherish, full of memories.
For that reason, many sellers tend to overestimate their home’s worth. Though we often perceive our home as generational wealth, the price is not dictated by our feelings but rather by local market conditions.
Here is where your agent can help you. The first thing they will do is complete the comparative market analysis (CMA) of your home.
CMA compares the sale prices of homes similar to yours in the same area and provides you with the average price you can expect. The next step is to assess all the unique features your home has and include them in the price.
In addition to that, consider renovations that will maximize your home sale price. Many inexperienced sellers go overboard and spend more money than they planned on expensive home upgrades with no return.
Have your agent perform a home appraisal and listen to their suggestions. A fresh coat of paint, minor repairs, and decluttering might be all the remodeling your home needs before the sale.
Of course, it doesn’t mean your home will sell for that exact amount of money. Negotiating is a big part of both selling and buying a home. However, your initial price must be in line with comparable properties in your area.
Set the price too high, and you may scare off potential buyers. Too low, and they might think it has some hidden flaws and avoid it. With all this in mind, be realistic and settle on a reasonable yet competitive price.
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Consider the costs of selling your home/home sale price
Of course, your goal when selling a home is to ensure getting the most money. However, when thinking about the profit you’ll make, don’t forget to factor in the selling costs, too.
Apart from your agent’s commissions, there are other expenses to take into account. Home preparation, as well as seller concessions and closing costs, will have an impact on your net profit.
While some of these expenses are fixed, others are negotiable. For example, you can influence and control the amount of money you’ll spend on renovations and staging costs. As you’ll soon move to your new home (before or after the sale), downsizing relocation expenses is also a good idea.
Prepare and plan your move with care. A list can help you stay organized and keep your relocation stress-free and cost-effective.
Decide on the best time to sell
Selling your home at the right time can significantly increase your sale price. Most experts agree that the best time to list your home for sale is in early spring.
That’s the season when most people decide to change homes. Families with children often prefer to move during the warm months, before school begins.
On the other hand, it doesn’t mean that is the best time for you. Each seller’s situation is unique. Take into consideration important events in your life. Having enough equity in your home to pay off your mortgage or cover selling costs is an essential factor.
In addition to that, if you’re planning to start your own small business in a new place or you want to start a family of your own, you don’t have to put the sale on hold.
The housing market shifts and changes all the time, so discuss these matters openly with your agent and determine the best course for you. They will help you make the right decisions to maximize your home sale price.
Deciding on the best time to sell, being familiar with the market, and opting for relevant home updates are the key to a successful sale.
