The first step to selling your home for the most money is to understand local trends, the total cost of selling your home, and the best method of marketing to meet your goals. Most times the highest offer will not leave you with the most money. Perhaps you desire to sell your home, but not sure where to start. Consider the following advice to selling your home for the most money.
Local Market
A buyers’ market is when there are more homes for sale than there are buyers; this causes home prices to drop as sellers are competing for fewer buyers. A sellers’ market is when there are more buyers than there are homes, and this trend tends to drive home prices up since buyers are competing for fewer homes.
An excellent way to check if you’re in a buyers’ or sellers’ market is to look at the Days on Market for similar homes. Days on Market is a real estate statistic that shows how great homes in your area are listed on the market. If the same house to yours is selling faster than the average Days on Market for your local area, then it could suggest an increased need.
Sell Your Home at the Right Time
Sure, you can sell your home any time of the year, but there’s a strategy to it; to get the most money from your home sale, you need to pick the right time to sell your home. Typically spring and summer bring the most buyers because the weather is warmer for moving, and the kids are out of school.
Make Sure the Price is Right
If you want too much money for your home, then you risk steadily dropping the price, which means the house will take longer to sell and making it harder for buyers to see your listing. Eventually, buyers will become skeptical of why you’re always dropping the price, and perhaps they’ll think there’s something wrong with the house or you have unrealistic expectations. This trend will limit your negotiating power, for buyers will expect to buy the house at a discounted rate.
How Much Does It Cost to Sell a Home?
Have realistic expectations when selling a home. It’s easy to rely on the 5-6% figure that’s typically paid in real estate agent commissions. But you have to factor in other expenses, such as maintenance and repairs; closing costs, sell concessions and moving and home overlap costs total cost of selling can reach closer to 10% of the sale price. Also, consider minor renovations that add value. Depending on the repair, most don’t return as much as they cost.
Most people want to sell their home for various reasons. There’s a strategy to sell your home for the most money, such as waiting for the right time of year to put your house on the market, having a realistic expectation of your home’s value, and setting the right price. You don’t want to keep dropping the price, cause then the buyers may not have confidence in your selling approach. Instead, research similar homes in your area first.