Even in a seller’s market, where inventory is tight and bidding wars are common, it’s still worth spending some time and energy to position your home to sell for the best price.
This effort can involve a variety of steps, from working with a real estate agent who really understands the local market to spending some money on key renovations and improvements that will encourage buyers to pay a higher asking price.
Here are 10 tips for selling your home that real estate agents say will set you apart from the competition and help you sell for more money.
1. Find a trusted real estate agent
Working with a qualified real estate agent who knows your local market inside and out can help you sell your home faster and more often, for more money. In fact, data from the National Association of Realtors shows that in 2021, homes listed without the assistance of a realtor sold for an average price of $260,000, while those sold with one fetched a significantly higher median of $318,000. Interview multiple candidates before engaging with an agent – the better you get along, the easier the process will be.
2. Invest in improvements that add value
Figuring out which home improvements to invest in can be daunting, and the costs can add up quickly. The key is to spend your money on projects that provide the highest return on your investment. A garage door replacement, for example, is the single most valuable investment when it comes to ROI, according to data from Remodeling magazine. The average performance of a new garage door is just under 94 percent.
Minor kitchen upgrades are also a good investment, says realtor Jade Lee-Duffy of TXR Homes in San Diego, California. “The heart of the home is the kitchen, and many buyers will judge a property by its kitchen,” she says. “While a full overhaul of this space can yield tens of thousands, a minor update is where you can get the most bang for your buck. Think about refreshing cabinet surfaces, replacing countertops, a fresh coat of paint, or upgrading fixtures and hardware.”
Updating a bathroom is another good investment, says Katie Severance, a real estate agent with Douglas Elliman in Palm Beach, Florida. “Updated kitchens and bathrooms are the ‘money rooms,’ the ones that add the most value to a home,” she says.
3. Increase your curb appeal
Curb appeal should not be overlooked: as the saying goes, you don’t get a second chance to make a first impression. “Make sure your front yard is clear of debris, bushes are trimmed, and grass is mowed,” says Lee-Duffy. “Also, add some bright potted plants by the front door to make shoppers feel welcome.”
Some simple updates that really enhance curb appeal include touching up the exterior paint, adding window boxes and installing a new mailbox, says Severance. “Adding rich-looking mulch around shrubs and trees can really bring out the charm,” she adds.
4. Get a pre-quote inspection
Investing in a home inspection before you put your property on the market is another step to consider. “You don’t want unexpected surprises,” says Lee-Duffy. “It’s best to find out in advance if there are any issues you can fix before buyers discover it on their own.” That would give them bargaining power for a lower price or, at worst, a reason to back out of the deal. So it can be worth a few hundred dollars for your peace of mind.
However, there is a downside to a pre-listing inspection. “Beware, because once a seller becomes aware of an existing defect and doesn’t correct it prior to listing, he is obligated to disclose it to the buyer,” says Severance. “Flaws that a buyer learns were known but undisclosed before accepting an offer can kill the deal.”
5. Highlight the positive with professional photos
Spending a little money on high-quality photography can go a long way toward helping your home sell for a higher price. “Most people search for properties online,” says Lee-Duffy. “If the photos stand out, it can translate to a higher selling price, and sell faster too.”
However, you may want to leave a few things to the imagination when it comes to your home’s online listing. “I advise against photographing every square foot of the house,” says Severance. “Photographs aren’t meant to give away all the goodies online; it’s to make a buyer want to see more, to blow their whistle high enough to entice them to see it in person. If they don’t come to see the house, they probably aren’t making an offer.”
6. Decorate your home
When it comes to home staging, Severance says, there are two general rules: less is more and keep it neutral.
“It’s very important to engage buyers at the front door,” he says. “Pay special attention to the entrance hall and invest heavily in organizing this part of the house. repaint; place flowers; buy a new carpet, an impressive mirror or a spectacular piece of art.”
Remove objects and clutter that visually shrink a room, like oversized ottomans or too many plants, and remove everything on kitchen counters except one or two new-looking appliances. “And don’t forget to stage the deck or patio, because it’s an extension of the house that can make a small house feel much larger than it is,” adds Severance.
You can do the staging work yourself or up the ante by hiring a professional set designer. A professional will cost between $749 and $2,825, with the median cost paid around $1,728, according to HomeAdvisor.
7. Set the right selling price
Identifying the best selling price for your home can be critical to your success. When a home is priced right, it will attract more buyers to view. “Setting a price too high can be detrimental and keep buyers from walking through your front door,” says Lee-Duffy. “If you want to be conservative, always price at the low end to attract maximum buyer interest.”
How do you find that sweet spot of pricing for profit but not overpricing? That’s where your agent’s expertise can be truly valuable. A well-informed agent knows how much his house is worth and how much he could reasonably get for it. “A good price requires the experience to thread the needle,” says Severance. “Advertise at a number that is lower than comparable properties, to attract attention, but not so low that you’ll be disappointed if you only get a correct offer at list price.” If it attracts enough buyers, it could be setting the stage for a bidding war.
8. Remove personal items
“The goal of any display is for the buyer to see their own possessions in the space,” says Severance. So while family photos and other trinkets may seem unrelated to how much money your house makes, they really do matter, especially if he’s still living in the house while you’re trying to sell it.
“Buyers are thinking about their own furniture, where it will go and how it will fit. What they came to see is the house, not the items inside,” she says. If shoppers are distracted by personal items, they may not be able to see themselves in the space and may not end up bidding.
9. Prepare to move fast
Once your property is listed on the market things can happen quickly. It is important to be well prepared in advance so that you can be as receptive as possible to potential offers. “Fill out all the necessary documents, like seller disclosures, and have documentation of recent repair work, home renovation costs, and utility bills on hand for any buyer applications that come in,” Lee says. Duffy.
Sellers who are slow on reaction time or unresponsive can lose buyers, adds Severance. “If the buyer feels like he’s not being treated fairly, he’s very likely to walk away,” she says.
10. Use your head, not your heart
Finally, try to remove emotion from the equation and see things as a simple transaction: your home is no longer a “home” but a product for sale. Be clear on what topics and items you may be willing to compromise if buyers ask. It’s not uncommon for prospective buyers to request credit or repairs, and it’s easy for a seller to take offense.
“It’s important to remove emotion and remember that the buyer usually doesn’t expect to get everything they ask for,” says Severance. “Take a closer look at what requests are valid and fair, and offer something. The cost to you is not granting the concession, it is the cost of losing the buyer, putting the property back on the market, starting over and getting a potentially lower offer.”
Source: www.bankrate.com