Monday, July 26, 2021 / by Stacey Howard
So you want to maximize the sale price of your home? Well, who does not. Every seller wants to sell their house for the maximum value and score a net proceed as high as possible.
In this post, we will discuss 8 proven ways that allow sellers to set the right expectation, get ahead of the competition, and position their properties to attract an attractive price tag for their properties.
If you are a seller looking to make the most out of selling your home, this post will give you all the insights you would ever need. So without further ado, let’s get started.
Listing Price Research
Listing price research is very important for the seller of the home. It helps them understand what a first time buyer seems to be looking for from the price point of view, what price should sellers be listing their home for and what they should be willing to walk away from. It is always best to look into the seller’s net sheet to understand the break up.
Many sellers overestimate the worth of their property and consequently sell it at a loss. But, by doing this research, they can avoid making this mistake.
In real estate, there are a lot of factors that are unique to each individual property or investment property that go into determining its worth. These factors include size, location, condition and amenities but not just these tangible characteristics since it’s also important to consider things like zoning laws and school districts too in order to determine whether or not a property is worth your asking price. That’s why before you list your house for sale you must perform a thorough research on listing prices.
Costs Associated with Selling a Home
There are a number of costs associated with the process of selling a home. These include real estate agent commissions, furniture removers, and home inspections.
Real estate agent commissions vary depending on the state or territory in which you live. It can be as high as 4% for properties worth over $2 million in Victoria and New South Wales, or as low as 1% for properties worth less than $300,000 in Queensland.
Furniture removers will charge a fee to pack up your belongings and deliver them to your new property. The cost usually ranges between $200 and $350 per hour but is usually dependent on the size of your house and how much stuff you have.
Hire an Agent
Selling a home is an emotional process for most people and it can be stressful. With the help of a real estate agent, the stress can be reduced and people will have an easier time with the process.
A real estate agent is a professional who specializes in buying and selling properties. Some of their duties include: providing advice on how to prepare your property for sale, helping to find the right price, arranging showings, writing offers and advising you on what to do when negotiations are slow or stalled. They also handle other tasks such as managing paperwork and negotiating transactions with buyers.
If you are thinking of hiring a real estate agent to help, do your homework. Hiring a good real estate agent can benefit you tremendously. Not only can they provide great advice about the best way to sell your home, but their connections and expertise can also give you an edge in obtaining a better price for the property.
Repairs and Renovations
The idea of doing repairs and renovations to increase the price of property is not a new one. In fact, this is a strategy that many people have used for decades.
Homeowners who are considering a renovation or a repair for their home should take into account the following 4 factors to make sure that they get the most return on their investment.
- Repairing or renovating the kitchen
- Updating the bathroom
- Repainting and updating the exterior of the home
- Adding an additional bedroom
Save Closing Costs
Sellers should not forget about closing costs. It can be difficult to save for them when they are first starting to plan, but it is important to get started as soon as possible.
Some of the things a seller can do to save their share of closing costs are:
- Refinancing their home before the sale
- Refinancing with the buyer at a lower interest rate
- Selling off personal property before the sale
- Paying cash for needed repairs and improvements on the home and looking into the title insurance amount as well using a title insurance calculator.
- If you are based in NY, you can lure buyers by offering a CEMA Loan that allows them to save a lot of money in closing costs.
Open House Ideas to Increase Home Value
One of the best ways to sell your house in a more effective way is to host an open house. And if you want to make it as successful as possible, there are some things that you should consider.
Here are 5 best open house ideas to boost sales value.
- Advertise the event on social media and online listing sites
- Send out invitations
- Make it easy for people find your address with clear signs and directions
- Include a well-designed pamphlet that highlights the features of your property and neighborhood
- Offer refreshments
Be Aware of Buyer Contingencies
There are different types of contingencies that a home buyer can arrange with a seller.
In the event of a default, these contingencies offer the home buyer protection against future problems and costs. It is important for the seller to know what types of contingencies are available and to understand why buyers may require them.
A time contingency is one where the buyer agrees that they will buy the property if it is not sold within a certain period of time. The seller should take care to find out how long this period will be and whether they have any control over when it ends, in order to avoid false deadlines being set by the buyers.
We hope you found these insights useful.