Four Crucial Steps to Maximizing Your Home’s Profits
When it comes to selling, nobody wants to get a lowball offer on their home. Everybody wants to maximize their profit and get the most out of it. If you find yourself in this position, you may want to consider these four steps when selling your home:
1. Review Market Trends
Understanding where your local market is at is key to getting the most out of selling your home. The housing market is known to fluctuate depending on the economy and some other factors. Homes are less likely to sell quickly and are more likely to drop in price when there are more homes on the market than there are people willing to buy. On the flip side, when there are many buyers out there, with limited homes on the market, sale prices may be driven up as the demand is greater.
Knowing where the market is headed will also help you to gauge how much to list your home for. If comparable homes in your area are going for more than their listing, then home appreciation is in your favor. Depending on the type of market you’re in, you may even be able to negotiate better offers on your house.
2. Determine the Best Time to Sell
Marketing trends may suggest a hot time to sell, but that may not always be the case. Different seasons can account for better selling times than others. Spring is the most popular, and best time to sell as most people want to move during the warmer months.
The seasons aren’t the only factor to take into account when understanding when to list. If you’ve built up enough equity that could pay off your current mortgage and any closing/moving costs, it may be a good time to list.
Other factors to consider for timing could include new job opportunities, health challenges, adding family members, etc.
3. Price Your Home Well
Overpricing a home is a common mistake many people make when it comes to selling. Of course you want to get the most out of your home, but if you go overboard, you run the risk of having your home sit on the market longer, and driving the price down. When potential buyers see this, they assume that something must be wrong with the house, making them skeptical and weary of buying. As a home seller, you’re best off hiring an experienced real estate agent who knows the market well and can help set a realistic price.
4. Focus on the Details
Not every home works for every buyer. Some things you just can’t change–like the layout or location. However, there are some details that every home can find useful when it comes to selling:
- Clean–You may want to consider hiring a professional cleaner
- Remove excess clutter–Cluttered places feel claustrophobic and dirty
- Freshen up the landscaping–A freshly mowed lawn and weeded flower bed make great first impressions.
- Fresh paint–While you may appreciate the artwork of crayon-drawn stick figured men your 4 year-old colored on the wall, others will not.
- Take quality photos–Homes with exceptional photos and the right lighting will entice more potential homebuyers.
- Repair and renovations–There’s no need to do an overhaul of your home, but fixing minor repairs and updating some items may prove beneficial for the sale of your home.
- Good aroma–It’s amazing how much our senses play into our decisions. Not only does a homebuyer rely on what a home looks like, but also what odors are associated with it.
It’s not rocket science when it comes to selling your home, but if you want to get the most out of it, following these four simple steps will help.
Need more help? Contact us at Northern Title to see how we can assist you with your home!