The obvious goal when putting any home on the market is to sell it for the highest price possible. However, it can be difficult to make much money from selling your house, even when if you are able to sell it for the most amount of money. If you’ve never sold a house before, you might not realize how much money you need to spend as the homeowner.
Unless you plan to go the FSBO route, after figuring out how much you can make by selling using a home sale proceeds calculator, you’ll also need to deduct realtor commission fees, which are typically 5 to 6 percent of the sale price as Bankrate.com notes. Other expenses may need to be considered too, such as any necessary repairs and a pre-sale home inspection which can tell you if there are any problems that need to be taken care of before a potential buyer arrives with a home inspector.
While that can all add up to a rather significant amount of cash, you can get your money’s worth by taking into account the following tips.
Know the Market
It’s important to understand whether you’re in a sellers’ or a buyers’ market. The latter usually brings prices down as there is more inventory and fewer buyers. A sellers’ market is the opposite, meaning there are more buyers than there are homes for sale. If you aren’t sure what market you’re in, do some research to determine if homes similar to yours are selling faster than the average days on market, referred to as DOM. This simply means the number of days from the date the property was put on the market until the date there is a signed contract for the sale. If home prices in your area are rising that can also signal that buyers are willing to pay more.
Understanding the market will impact negotiations, including repairs and offer contingencies as well as how you price your home.
Tour Open Houses
Take time to tour open houses in your neighborhood or community, noting what makes one more appealing than another. It’s a great way to get ideas as to how you might improve yours to drive desire in buyers which may result in getting more money for your property.
Make it Shine
Do everything you can to make your home stand out from the rest without spending too much money. That means curb appeal, like making sure your landscaping is well-maintained and the lawn is mowed, and perhaps doing some repainting to give it a fresh look. Make simple repairs such as fixing leaky faucets and torn window screens, and patching any holes in the walls. Give it a very thorough cleaning, get rid of clutter and put away any personal items like family photos so that potential buyers can picture themselves living there.
Before buyers start walking through, you can make your home even more inviting by adding vases with fresh flowers, soft throw blankets on a reading chair, nice hand towels in bathrooms, playing soft music or even baking cookies. The smell of fresh-baked cookies is especially enticing – you can make them the night before and then just pop them in the microwave just before prospective buyers arrive.
Sell at the right time
Did you know how much your home can sell for might change based on what season it is? Getting more for selling your home can be as simple as just doing it during the right months. This is especially true for those who live in areas that have cold winters. More people are interested in moving while it warm out and when schools are closed for summer vacation. You might not always have the ability to wait for a certain time of year to sell, but if you can, it’s been known to make a difference. Of course, the right time also means that you’ve built enough equity in your home at that point.