6 Realistic Tips for Aspiring Home Sellers Looking for Best Deals
Buying a home is perhaps the biggest investment decision one makes in their lifetime. However, you may want to sell it down the road, whether you want to upscale, downside, or meet an emergency. Whatever the reason, you want the best deal for your home. The numbers looked good in 2022, with an average of $112,000 of profit for each seller, representing a 51.4% return on investment over the initial purchase price.
However, getting the best price for your property is not always a breeze. You may have to do your bit to maximize the value of your home before listing it in the market. At the same time, you don’t want to spend big on aesthetics and functionality. Preparing your home for a profitable deal requires careful planning and execution.
In this article, we will share a few realistic tips aspiring home sellers should follow to make the best deals.
Understand the Market
The first step is to understand the market trend so that you can choose the right time to sell. According to 2022 statistics, nearly 5 million housing transactions were completed during the year. While the number sounds huge, it is lower than 6.12 million in 2021. The market continued to cool during the first five months of 2023, with the annual number standing at 4.3 million.
You can consider state-specific trends according to your location. For example, home values in California have increased by 38.17% in the last 5 years. Sellers had a good year in this market, despite a slow real estate trend nationally. Before listing your property for sale, research the local real estate market. Also, check the recent sales in your neighborhood and dig deep into the demand and supply dynamics. Use this information to set a competitive and realistic asking price.
Enhance Curb Appeal
According to a study, properties with high curb appeal sell for 7% more than homes with a less welcoming exterior. After all, the first impression on a potential buyer often determines their buying decision and offer value. You cannot expect someone to agree to the asking price right away if your exterior space looks dull and dirty.
Boosting your home’s curb appeal does not require a hefty expense. Invest a few hundred dollars in cleaning up the exterior, maintaining a well-groomed lawn, and adding fresh paint if necessary. A welcoming exterior sets a positive tone for the entire viewing. Consider it a small investment that pays handsome returns through quick selling and a high-value deal.
Invest in Essential Repairs
Potential buyers always check a few parts of a home before sealing a deal. Expect them to check your home’s roof, spend some time in the attic and basement, open the kitchen cabinets, and look under bathroom sinks. Even the slightest red flag in these areas can be a turn-off, leaving you with a low offer or no offer at all.
Roofing is perhaps the most essential part of a property because it determines the structural integrity and safety. Let us say you live in San Diego, California, where leaking roofs are common due to the frequent storms. According to Peak Builders, a local roofing company in San Diego, regular inspection and timely maintenance of your roof can keep you a step ahead of weather-related challenges.
A pre-listing inspection is a wise move because the last thing you want is for a potential seller to notice leaks, cracks, or damaged shingles. The slightest issues can give you a bad name for your property, delaying sales or lowering its price. Ensure essential repairs, even if you need to spend a bit on them.
Declutter and Depersonalize
Besides ramping up the exterior and investing in the necessary repairs, consider decluttering and depersonalizing your home. Clutter can make your place look unkempt and crowded, creating a bad impression on buyers. A cleaning spree should be a priority as it eliminates the extra stuff and brings a fresh vibe to the house.
Also, depersonalize your home to enable buyers to visualize it as their home. Remove personal items such as family photos, travel souvenirs, and travel mementos from your place. It makes visitors feel more comfortable and less distracted by your personal belongings. Consider it like giving a clean slate where they can make memories.
Time the Sale Strategically
Even if you are selling in a hot market, you should consider timing the sale strategically. Bankrate notes that there are actually best and worst times to sell a home. Spring is generally regarded as the ideal time for sellers because house-hunting is easier during warmer and longer days. Moreover, families prefer to be in the new house before the start of the school year.
Avoid listing your property during fall and winter because the market tends to slow down during these months. People prefer to stay put during the festive season. However, you should still consider the local trends and factors to decide on the best time to list and sell your house for the best deals.
Market Your Property Like a Pro
The condition of your property and selling timelines are crucial, but so is the marketing part. Avoid overpricing your home in the first place. Work with a seasoned real estate agent to determine a fair listing price. Also, invest in professional photography to showcase the property in the most attractive form. An experienced photographer captures the best features and presents them in the best light.
Making your home easily accessible for showings is essential. Schedule them with flexibility to accommodate potential buyers’ busy lives. It gives you a better chance of a quick and successful sale. You can host open houses to attract a broader audience. Also, understand your bottom line and be ready to negotiate.
In conclusion, selling a home involves careful planning and a realistic approach to pricing and presentation. While you should not settle for less, it is equally crucial to avoid spending big on making your home sales-ready. These actionable tips put sellers on the middle path for exploring the best deals and quick sales.
