How to Make the Most Money When Selling Your Home

What’s the number one thing buying and selling a house has in common? Getting the best price possible. Before you sell your home, it’s essential to set the right strategy to stay ahead of the competition, especially in today’s housing market. 

Here are some tips to help you sell your home for more money and get the best possible offer. 

Make sure you can afford to sell.

Figuring out how much you’ll make from selling your home isn’t as easy as subtracting your outstanding mortgage from the price you hope to get. Keep in mind that you’ll have to pay several fees when selling your home, including agent commissions, excise tax, title insurance, and other closing costs, which vary by region. Working with an agent will give you a better understanding of how much you can hope to get in proceeds since they’ll know the current market conditions and the amount your home can sell for.

Work with a local real estate agent 

The housing market can be difficult to predict, and unless you’re an investor or real estate expert, you’ll benefit from having professional help and guidance from a real estate agent. Your real estate agent can also be an asset when it comes to staging, marketing, negotiating, and staying on top of the local market conditions and laws.  

Set a competitive asking price.

Nothing deters homebuyers more than an overpriced listing. This is where having a real estate agent on your team can help sell your home for more money. Ask your real estate agent for a comparative market analysis (CMA), which will help you determine a reasonable price based on sales of similar homes in your area. Also, be sure not to overprice your home. Homes get 64% more views the day they first hit the market compared to the day after a price reduction.  The goal is to set a good price the first time, so you don’t have to drop the price later.

Time it right.

Listing your home for sale at the right time can help maximize the sale price, so it’s important to consider which month may be the best time to list your home. According to Redfin data, homes listed in March and April not only sell the fastest, but they also sell for the most money. The average home listed in April will sell 14 days faster and for $2,750 more than if the same home were listed in November. The best day to list your home is on a Tuesday, Wednesday, or Thursday since homes listed for sale midweek sell for an average of $1,700 more than homes listed on the weekend. 

Spruce up your home to help you sell for more.

It’s no surprise that kitchens and bathrooms are the main hotspots buyers look at when touring a listing. So, if you’re considering which repairs to make before selling, a kitchen or bathroom remodel is some of the smartest investments you can make to increase the value of your home.

However, there are many other budget-friendly projects you can do to make a great first impression, including replacing your front door, installing dual-pane windows, adding a fresh coat of paint to the exterior, and maintaining the yard. 

Don’t forget that a deep clean inside and outside your home can go a long way in refreshing its appearance. 

Enhance your listing with staging and professional photography

Once your home is looking its best, hire a professional photographer to take the listing photos as homes with professional photos are known to sell faster and for more money. Most people start their home search online, so photos are crucial to getting their attention. 

Carefully consider offers, and be prepared to negotiate.

An experienced listing agent will know a good offer when they see it. They’ll also guide you through the offer process and advise you on when to negotiate prices and terms. While the highest bid will grab your attention, especially if it’s close to or above your asking price, it doesn’t mean that it’s the best offer. Your agent will know what’s “normal” when it comes to offers and know when someone is trying to get a bargain. You should consider all the terms of the offer, not just the price, to make sure you get the best deal. If a buyer has included contingencies, you’ll want to be sure to review those carefully as they’re the deciding factor in when you get paid. With the right planning and real estate agent on your side, you can begin your home selling journey with the confidence you’ll get the best offer.

Read full article: Redfin.com