The key aspect of ensuring you earn the most money when selling your home requires hiring a good real estate company and realtor that understand your needs and objectives. Along with help from your realtor, here are six more ways to get the most for your home.
1. Be Aware of the Current Market
You will want to always try to sell your home when there is a seller’s market in effect. This means that there are more buyers than available home inventories. As a result, buyers get into bidding wars, which can help increase the sales price of the home.
2. Price the Home Correctly
To establish the initial selling price for your home, you need to review what other similar properties are selling for in your area. Your real estate agent can assist you with this process by putting together the necessary data.
One way to price the home is by looking at the price range per square foot to decide where you want to enter the market. Ideally, you will want to price the home in the mid to high end to give you room to negotiate.
3. Sell at the Right Time
Markets typically go through seasonal fluctuations. From spring to early fall are busy times in real estate. However, winter can be a good time to list, too, when a seller’s market is in effect.
Additionally, if there are special events in your community that bring in tons of tourists, this could be the right time to sell. Many of the tourists could be looking to buy a home and relocate, so, if your home is on the market, you could get a great offer.
4. Understand All the Costs of Selling
The price you sell your home for is not what you receive as proceeds. You have to take into account other costs, including:
- Staging Costs
- Seller Requests
- Closing Costs
- Transitional/Relocation/Moving Costs
- Mortgage Payoff
To ensure you walk away as much money as possible, you may want to DIY your home preparations and be prepared to negotiate on offers.
5. Invest in Renovations with the Best ROI
When it comes to preparing your home for sale, there are certain renovations you can make that can help boost the sales price and the amount you walk away with after closing. Bathroom remodels and kitchen remodels are two investments for which you can recoup a high ROI (return on investment).
Other areas you should look for are those things potential buyers would want to repair, replace, or install after buying the home, such as:
- Garage Door
- Patio Enclosures
- Privacy Fence
- Water Heater
- Attic Insulation
- Security System
- Smart Home Features
Keep in mind, certain renovations will have more impact in different markets, depending on where you live. It is a good idea to talk to your realtor to find out what things would net the best ROI and are trending with home buyers in your area.
6. Look for the Best Offer
Sometimes the highest offer is not the best one you will receive. Buyers can include contingencies in their offer. Some of these allow the buyer to walk away if the sale falls through. Just because they offered the most, it does not mean you will make it to the closing.
It might be better to accept a slightly lower offer, where the buyers are already pre-approved for financing and have very few if any contingencies in the offer. Your realtor can help you review offers and determine which one would be best to ensure you walk away with the most money.
By remembering to take these six things into account, you are sure to get the highest net proceeds for the sale of your home. If you are looking to make the most when selling your home in DC, Maryland, or Northern Virginia, please feel free to contact The Ferguson Group at 847-903-1030 today!