Are you considering selling your home? Before listing your home, talk with a reputable realtor, and read these 7 tips to maximize your home’s sale price.
There has been a real estate buying frenzy over the past few years that has driven up home prices to eye-popping levels. Due to rising mortgage rates, buyer demand has cooled. 1 As a result, home sellers entering today’s market may have to reset their expectations.
You can’t just stick a “for sale” sign in the yard and wait for buyers to knock on the door. An effective game plan and a skilled team of professionals are necessary to get the most out of your property in today’s market.
To help you get top dollar for your home, we’ve developed a listing strategy that combines our proven approach to preparation, pricing, and marketing. However, you will also have an important role during the selling process.
In this market, you can set yourself up for success by following these steps:
No. 1 of the 7 Tips to Maximize Your Home’s Sale Price: Make Strategic Repairs and Improvements
Whenever you sell something, it’s important to consider your customers’ needs. According to the National Association of Realtors, only 6% of buyers are looking for a DIY fixer-upper. 2Most buyers want a move-in-ready home, so if there are any outstanding repairs or dated features, it can turn them off.
Before your home goes on the market, we will do a walk-through of your home with you to identify any issues that could deter potential buyers. In some cases, we may recommend a professional pre-listing inspection. In the long run, it can pay off to identify and address issues such as leaks, rot, and foundation problems upfront. It also prevents sales from falling through due to red flags on the home inspection, which no seller wants to experience.
Besides repairs, we’ll also help you identify simple upgrades that maximize your investment return. For instance, a fresh coat of paint can give your home a new look at a reasonable price. It’s important, however, to choose the right colors. According to one study, painting your bathroom blue could result in a 1.6% increase in the offer price! 3 Landscaping improvements can also pay off in a big way. A healthy lawn offers an estimated 256% return on investment.4
No. 2: Declutter and Depersonalize
You should declutter and depersonalize your home to maximize your home’s sales price. In looking at homes for sale, buyers try to picture themselves living there. When it’s filled with family photos, children’s artwork, and souvenir collections, that’s hard to do. In addition, cluttered homes look smaller and feel dated.
After all, you’ll have to move all your things to your new home eventually, so decluttering before you list your house for sale will help you in the long run. It’s time to shred, digitize, or organize old documents, donate old clothes, or move bulky furniture into storage. Pack away excess items neatly before potential buyers view the house. Remove personal photos and other trinkets to create a blank canvas that viewers can decorate with their treasures.
We would be happy to provide recommendations or point you to local service providers who can assist you with this process if you feel overwhelmed.
No.3 of the 7 Tips to Maximize Your Home’s Sale Price: Stage Your Home for Success
A home should always look its best for potential buyers, just as you would dress professionally for a job interview. Nowadays, home shoppers are used to scrolling through Instagram and Pinterest and want to see the same wow factor when they tour a house.
Making your home look its best and attracting prospective buyers is called staging, and it can make all the difference. According to the International Association of Home Staging Professionals, an average-priced staged home sells 5 to 11 times faster than its unstaged counterpart. Even better, most staged homes sell for 4% to 20% over the list price! 5
To increase a home’s appeal, some sellers hire a professional stager. Some stage their homes themselves. Depending on which route you choose and how much you want to invest, we can help guide you.
It’s also important to consider what buyers in your neighborhood will look for in a home. Our local market insights can help guide your staging choices. One room may be staged as an office in neighborhoods where many residents work from home so potential buyers can sense their everyday routine.
No. 4: Prep for Each Showing
The reality is that most of us don’t live picture-perfect lives, and our homes reflect that (sometimes messy) reality. When your home is on the market, make sure it’s always ready for viewers, even on short notice. Missed showings are missed sales opportunities, have a plan in advance so you’ll know what you need to do to shorten the time to prep your home for each showing.
Consider hiring professional cleaners to get into all the nooks and crannies before you put your home on the market. Keep things spick and span afterward. It only takes a few minutes a day to wipe down counters, sweep the floor, and vacuum.
Additionally, most buyers will open cabinets, drawers, and closets, so make sure everything is neat and organized. Secure valuables and sensitive documents in a safe or off-site, and keep toiletries off counters.
Do you need help finding a cleaning service to make your house shine for buyers? Don’t hesitate to reach out!
No. 5 of the 7 Tips to Maximize Your Home’s Sale Price: Price Your Home Correctly From the Start
This is a MUST and probably the most important of the 7 tips to maximize your home’s sales price.
Recently, you may have seen homes in your neighborhood selling for shocking amounts and wondered if you could get a similar price for your home. It’s tempting to overprice your home, but it’s best to be realistic from the start. Some homes sit on the market for months, even in a hot market. And the longer a property is listed, the more buyers worry that something is wrong with it.6
Similarly, you don’t want to set your price too low and lose out on potential profit. This is why it’s important to work with real estate professionals (like us!) who understand the local market and what buyers are willing to pay. When the market is rapidly evolving, comparable sales from a few months ago may not reflect the current market conditions.
Your home is likely worth much more today than you paid for it if you’ve owned it for several years. As a result, you stand to make a handsome profit. In fact, recent reports show that homeowner equity is at an all-time high.7
Nol 6: Avoid Acting on Emotion
Sellers have come to expect certain things after years of over-asking-price offers with few contingencies. If an offer is lower than what you believe your home is worth, it’s only natural to feel hurt or offended.
It’s important to remember that those market conditions were unprecedented, and we are now returning to more typical conditions. In order to maximize their success, home sellers must act rationally rather than emotionally.
If a low offer is made to you, you can always counter it. Everything is negotiable, including repair requests and contingencies. As the market adjusts, it’s important to remain flexible. Be open-minded and keep your expectations reasonable. Every step of the way, we’ll be by your side to help you navigate the process and negotiate a great deal for you.
No. 7 of the 7 Tips to Maximize Your Home’s Sale Price: Work With a Local Market Expert
This is the second most important of the 7 steps to maximize your home’s sale price. There may be national economic factors affecting mortgage rates, but real estate markets are hyperlocal. That’s why it’s so important to work with an agent who knows the dynamics of your neighborhood. In this market, we’re able to position your home for success based on our experience. Additionally, we have the resources to connect you with qualified buyers.
Working with a knowledgeable agent is also important if you want to maximize the value of your home. To price and market your property, we will use extensive data on recent sales in your neighborhood. This is one reason why homes sold by agents command higher prices than those sold by owners alone. While for-sale-by-owner homes went for a median price of $260,000 in 2020, the median for homes sold by agents was $318,000.8 That’s a difference of $58,000—and money you don’t want to leave on the table.
YOUR AGENT, ADVOCATE, AND FIDUCIARY DUTY
In a fast-changing market, selling a home can be stressful. There’s a good chance you’ll hear conflicting opinions from people in your life, and decisions like what color to paint your front door or how much to list your home can be overwhelming.
Our job is to help you with that. Market conditions may change, but they’re still highly advantageous for sellers-and we’re here to help you take advantage of them. We are listing experts in our area, and we know what steps you need to take to ensure a smooth, profitable sale.
We hope that you’ve gotten value from the 7 tips to maximize your home’s sales price and we invite you to schedule a free consultation if you’re considering buying or selling a home. Let’s talk about your situation and goals and identify your next steps.
The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
- Yahoo! Finance –
- National Association of Realtors –
- Zillow –
- Angi –
- International Association of Home Staging Professionals –
- Washington Post –
- Realtor.com –
8. National Association of Realtors – https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#purchased