To sell your home for the most profit possible, it’s important to do some legwork first. This can be a daunting prospect depending on your life circumstances, but here are some relatively simple steps you can take to get the most value when selling your home.
Know Your Local Market. When there are more homes for sale than there are buyers, we often call this a buyers’ market. Conversely, when there are more buyers than there are homes for sale, we call this a sellers’ market. Obviously, a seller’s market is best for the value of your home, but knowing your local market can help you set realistic goals for your home sale.
Choose the Right Time to Sell. Home sales can ebb and flow with the seasons with spring typically bringing out the most buyers because many people want to move during the warmer months. It is also beneficial to sell at a time when you have enough home equity to pay off your current mortgage, the costs of moving, and the costs of selling your home.
Set the Right Sale Price. If you overprice your home, then you risk taking longer to sell it or making it harder for buyers to find your listing. Over time, buyers can become worried about homes where the list price is frequently declining. A declining price over time suggest that there might be something wrong with the home or that the seller has set unrealistic expectations. Overpricing your home can actually limit your negotiating power in the long run.
Make minor renovations that add value but with minimal cost but do consider a home improvement loan if it will help. Most renovations don’t return as much as they cost. The returns on exterior replacement projects tend to outperform those of large, interior projects. Spend your time and money on projects that impact the safety, structure, and functionality of the home. It’s far more beneficial to simply get your home safe, clean, free from unnecessary clutter, and orderly!
As with any large decision as important as a home sale, we highly recommend that you work with a trusted realtor with a proven track record who can guide you through this process.