Want to Sell your home for the best price possible?
It’s possible to get competitive offers. But it takes a savvy home seller to negotiate the best price for their home—especially in a buyer’s market.
Getting the best deal for your home is all about making it stand out—while spending as little as possible on improvements. From boosting your home’s curb appeal to staging it to making necessary repairs—there is a lot you can do to maximize your home’s sales price.
But making home improvements doesn’t guarantee a sale.
NAR has reported that failed sales represent 2% to 5% of all deals in any given month. So, to secure a top-dollar sale, you’ll need to devise strategies that drive results.
Tips to Help You Get the Most for Your House
1. Time Your Sale Appropriately
Home sales ebb and flow with seasons.
That said, your best bet is to list your property when the market is favorable for sales. Research has shown that the best time to list your home is in spring.
Homes listed in early spring have historically sold faster and for top dollar across all the US states. Spring brings so many buyers because most people want to move during the warmer months when the kids are out of school.
While seasonal trends matter when it comes to selling your property, they aren’t the only factor to consider when thinking about “the right time to sell.”
According to Bankrate, the best time to sell is when you have enough equity in your home to pay off the mortgage and cover the closing costs. Otherwise, you may end up in a worse position than you were before the sale.
2. Amp Up the Curb Appeal
You probably have heard the saying, “The first impressions count.”
In this real estate realm, this saying couldn’t be more accurate. If you want to sell your home for the best price possible, it’s essential to make a great first impression.
And the first thing buyers see is your home’s exterior and how it fits into the surrounding neighborhood. Maximizing inexpensive cosmetic improvements to your home’s exterior can impact a great first impression that will guarantee a sale.
To amp up your home’s curb appeal:
- Plant flowers
- Paint the front door
- Trim the shrubs
- Manicure your lawn
- Clean the windows and pavement
- Go green
- Add some front door décor
- Design a clear path
Getting the maximum value for your home like boosting the curb appeal can do wonders for your home. A recent study by Michigan State University found that working on your home’s curb appeal can increase its value by 5% to 11%. A house with a naturally beautiful curb appeal also sells faster
3. Make the Necessary Repairs
Many buyers are interested in homes that are already in move-in condition. So, your chances to sell your home for the best price possible is if your house is in immaculate condition.
While sellers are not required to hire home inspectors, doing so can work to your advantage in many ways.
First, hiring a home inspector before listing your home can expedite the sales process.
Secondly, homes in stellar conditions move fast. Unless you’re selling to a cash buyer, your home will stay on the market longer if it doesn’t spark buyers’ interest.
Keep in mind that many repairs are arguably a bad investment for sellers, as it might be hard to get your money back in the sale. Get the most money for your house, it’s good to be aware of the kind of repairs that will impact your home’s sales price.
Some repairs might not impact your home’s sales price but can make the buyer back out of the deal if not fixed on time. Also, things like a leaking toilet, a hole in the fence, or even a leaky roof can make the buyer renegotiate a lower price.
4. Be Savvy About Upgrades
Quick improvements before selling always pay off.
Mammoth makeover, not so much. And just like repairs, some home upgrades are not worth it and might not return your money in the sale.
According to the Remodeling Magazine’s 2020 Cost Vs. Value Report, Getting the maximum value for your home? Here are the relevant home improvement projects that might get the most money for your house:
- Roof replacement
- Window replacement
- Garage door replacement
- Bathroom upgrades
- Minor kitchen remodel
Some renovation projects, like kitchen remodels, are very attractive to home buyers. You can expect to recoup 62% to 81% of your investment on a kitchen remodel.
The upgrades don’t need to be expensive; You can spend as little as a few thousand bucks and experience huge returns when it comes to getting into the buyer’s psyche.
The Cost Vs. Value report also highlights improvements that can negatively impact a home’s value. These include garage conversions, swimming pools, and luxury upgrades such as marble flooring, solar panels, and attic conversions.
So, before you splurge on that wine cellar, consider checking out the Remodeling Magazine report first to find out whether it will help in getting the maximum value for your home
5. Create a Bidding War
As a home seller, your goal is to get the most money for your house
You could sit back and hope for a bidding war to break out or take action and deploy some clever strategies to make it happen. Here are some steps you can take to receive multiple offers for your home.
Getting the maximum value for your home: Price Your Home Below the Market Value
As a seller, having multiple bids is what you aim for.
By pricing your home below the market value, you’ll likely get multiple offers, some of which may ultimately yield a price above your listing. However, with this strategy, you’ve to be prepared to sell at the asking price.
Getting the maximum value for your home: Set a Deadline for All Offers
You want to motivate those on the fence as well as early birds. Setting a deadline can trigger them to take action. Those afraid of missing out on a dream home will bid to beat the deadline, igniting a bidding war.
However, only use this strategy if you’re sure your property is priced right.
Getting the maximum value for your home: Set the Perfect Stage
In a market saturated with similarly priced houses, it’s the most elegant one that wins. That said, you’ll want to give your property a contemporary look in and out. Even if you’re a good photographer, it’s best to hire a professional to capture the best real estate shots.
To trigger a bidding war, you’ll want to showcase your property in all its glory. And that might call for you to go the extra mile to give it the appeal that piques buyers’ interest.
6. Don’t Use a Realtor
Selling your home without a realtor can be tricky, especially if you’re new in the game. However, doing so does have many advantages.
Did you know that real estate agents charge 5 to 6% of the home’s sales price?
Phew! That’s a lot of money that you could be pocketing!
Suppose an agent takes a listing on a $500,000 house at a commission of 6%. This equals a total commission of $30,000. While this commission will be split between a listing agent and a buyer’s agent, the fact is, you’re still losing a lot of money by hiring a realtor.
To get the most money for your house, you’ll want to avoid listing with a realtor.
You could take the FSBO route or opt for a cash buyer. FSBO sellers can save money on the real estate agent’s commission and have more control over the process. As for the cash buyer, you’ll save on the realtor’s commission as well as the cost you’d have incurred on repairs.
7. Stage the Property
If you want your home to sell your home for the best price possible, you’ll want to hire a professional home stager to prepare it for sale.
According to the 2019 Profile Home Staging report from NAR, 22% of sellers’ agents and 25% of buyer’s agents said that staging a home increases its offer price by 5% and 1%, respectively. Staging a home can also help it sell faster.
But what exactly is home staging?
Staging means preparing the home for a potential buyer.
It entails rearranging furniture, adding décor, and expertly dressing up the home to look stunning for listing photos and walkthroughs.
To get the most money for your house, you might want to stage your house.
If done right, home staging can make even the darkest and boring rooms feel bright, energetic, and homey. At the very least, aim to stage the living room, master bedroom, and kitchen. Experts consider these rooms the most important for home staging.
8. Always Be Ready to Show It
Buyers like to see homes on their schedule, which often means evenings and probably even on weekends. To ensure you’re not missing out on any potential leads, always ensure your house is “show-ready” all the time.
You’ll also want to be available at all times to give them a guided tour of the house.
Plus, you’ve to keep it sparkling clean and tidy at all times. You never know when the next potential buyer will walk right through the door.
That said, if your home can be shown with little to no notice, more prospective buyers will want to see it. If you require 24 or even 48 hours’ notice, buyers will skip your home altogether, especially those who want to close the house buying chapter quickly.
The home selling process is a journey that requires time, effort, strategy, and a little luck to get you into a bidding war. By following these tips, you’ll be a step closer to sell your home for the best price possible and to get the most money for your house.
Sometimes, the house selling process may seem too much work, especially if you’re looking to sell your house fast for personal reasons. In this case, it’s advisable to seek the services of a reputable cash buyer in California, like Mrs. Property Solutions. If you’re looking for a competitive cash offer for your house, call us today to find out what we can do for you.