Home equity remains the single largest asset on their personal net worth statements for many Americans. So when it comes time to sell, you’ll want to know everything you can when it comes to maximizing your home’s profit potential.
Unless you have to move as quickly as possible, such as to relocate for work, you’ll want to time it right and find out the answer to the question, “What is my home worth?” If the value isn’t what you hoped it would be, you may be able to increase it to get the most money back in your pocket.
Research the Local Housing Market
While you might have a general idea of the housing prices in your area, it’s a good idea to do some homework. You’ll want to know how many homes are on the market in your neighborhood and the average number of days they’ve been listed. Try to find homes that are comparable to yours, so you know what your competition will be. That means those with similar features nearby, such as the lot size, number of bedrooms, and bathrooms.
If your area is a sellers’ market, meaning there are more buyers than homes for sale, you can probably price your house more aggressively as long as it’s within reason. The listing price will have to be at or slightly below market value in a buyers’ market. A real estate agent experienced in your community can help you price it as accurately as possible.
Make it Move-In Ready
Before putting your home on the market, you’ll want to do all you can to make it move-in ready. Even minor repairs can turn buyers off, as it’s a sign that there may be other issues due to a lack of maintenance. Take care of any leaky faucets, torn window screens, loose knobs, and so on.
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You’ll want potential buyers to see themselves living in your home, which means it’s essential to stow away personal things like family photographs and eliminate clutter. Cleanliness is of utmost importance. It can be worth hiring a professional cleaning company to ensure that your home shines. They know how to deal with the small messes and crevices that the average homeowner often misses.
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HGTV writes that ensuring it’s always ready-to-show is one of the “best-kept secrets for selling your home.” While it can be inconvenient and take some effort, it will increase the odds of getting offers quickly.
Hire a Good Realtor
While some people think they’ll be able to save by selling on their own, or “FSBO” (For Sale by Owner), the reality is, the higher offers they’re likely to get with the help of an agent will probably offset the commission fees. If you do
Ideally, get referrals from friends, family members, and co-workers, which is how 68 percent of sellers found their agents, according to the National Association of Realtors.
Be Aware of All the Costs That Come with Selling a Home
There are many costs that most people, especially first-time sellers, don’t think about. To avoid unpleasant financial surprises, be sure to consider them all when budgeting. You might need to rent a storage unit if you have a lot of furniture and other items, for example. The more you have in your home, the smaller the living space will feel.
Account for any necessary repairs and polishing up such as painting, landscaping, and cleaning. You might want to get a pre-inspection report which costs several hundred dollars but may reveal potential hidden problems that can be taken care of before killing a sale.