4 Ways to Make More Money Selling Your Home
Whenever selling your home it is your #1 priority to maximize the sales price of such an important asset. But how can you do that? Let’s find out.
Ultimately, there are a lot of different factors that can shift the sales price of your home. Factors such as market activity, needed renovation, the comparable properties around you, even the time of year all can play an important role as to how long it will take for your home to sell. When you have all of these perfect elements coming together you can sell your home at top dollar almost instantly - seriously, a home I had for sale in Greensboro sold for 103% of list price in under a day.
Work With a Professional.
Let’s just get the sales pitch out of the way. Seriously, if you want to sell your home for top dollar hiring a real estate agent is the best thing you can do. In most instances real estate agents will ultimately make you more money (including the commission) then you would on your own selling. On top of making the most money it saves you the headache and time of selling your home. We do this for a living, you shouldn’t have to. We can advise you on when to sell your home, setting the price, any renovations you should complete, and not to mention the completion of all legal paperwork and negotiation. If you are serious about selling, contact someone to help you with those first steps and answer any questions you have.
Set The Right Price.
Imagine yourself back in your high school economics class learning about supply and demand, that is exactly how you determine activity your home will get based off of the listed price. Your real estate agent will determine a price with a CMA to give you a ball park. The higher you go above the CMA, the less offers and interest you will get. The lower you go from the CMA, the more interest and offers you will get, but they are going to be worth less money.
Over time your home begins to lose its appeal of being “new” on the market. This creates a stagnant listing - exactly what we are trying to avoid. This is why pricing is important, you might think that pricing way above your CMA will be okay, but after just a few weeks you are doing more damage than good. If you list as close to your CMA price as possible, you are capitalizing on those vital couple of weeks just after listing that bring pique interest and eyes to your home, set your best foot forward and list where the CMA says before your home is forgotten and overrun with new homes for sale.
Renovate, or Don’t?
Renovating is just as important as leaving your home be. Getting a quick walk through with an agent can steer you in the right direction and save you thousands. That kitchen renovation sounds nice, but if there is not a single home near you with an upgraded kitchen, is that what buyers looking in that area are going to want? Sometimes less is more, and putting your money in other places is a better option.
If you have some repairs you know that could cause issues down the road with an offer, make sure to mention them on your agent walk through. Capitalizing on getting these done can have your home perfectly ready to sell - quite the appealing statement for a prospective buyer. You don’t necessarily need an inspection, but getting some maintenance done that you have been putting off can keep some money in your pocket that could be over-estimated during later negotiations.
Set the Scene.
Instead of those costly renovations putting some of that money towards curb appeal can be the perfect thing for you. Once your home has been put on the market, as a listing agent it is almost seen as a product. You are going to want to put your best foot forward correct? When you do this it an also be capitalized on in the photos, 3D tour, and custom marketing materials I make to show off your beautiful work.
There is a lot of pressure put on your shoulders when you begin to think more about the process that is selling a home. The financial aspect is one of the hardest concepts to grasp because after you have owned a home and have gotten into the habit of paying your mortgage, getting up and moving away from that comfortable routine can be scary. If you are thinking about selling, reach out to an agent and just ask about the process. They can lead you to a network of lenders to talk about the finances, contractors to talk about the repairs, and themselves to talk about the home purchasing/selling steps.