Selling your home is a way to recoup your investment. You want to earn back the money you paid for the property, invested in upgrades, and earned through growth in the housing market.
Unfortunately, not everyone gets this money back.
Some people undersell their home or aren’t strategic in how they market it. If you want to turn a profit on your home sale, make sure you are taking advantage of everything offered to you. Check out these five ways to sell your house for more money.
#1) Identify Upgrades That Can Positively Impact Your Home Value
Upgrading your home can increase its home value and the likelihood of selling. Few buyers are interested in major projects that require time and money to improve before they can move in.
Look for upgrades that have a high ROI – which means your home value increases significantly with minimal investment.
This includes upgrades like opening up the floor plan or updating the outside curb appeal. You should be able to sell your house for more money and sell it faster with a few of these strategic home renovations.
#2) Fairly Price Your Home
Determining an appropriate price for your home is essential in getting the most for it. If you price your home too high, then you might not get any bites from potential buyers. Your home will stay on the market, and you will eventually have to lower the price.
Not only is it frustrating to have to wait while your home is on the market, but it also costs you money. You could end up paying two mortgages if you already have your next home lined up, or could have to put your life on hold to sell your house.
Keeping your house on the market also sends a message to buyers about demand. Potential buyers might think the house is undesirable to buyers and offer you less. They also might think that you are more motivated to sell and give you a lower offer to take the home off of your hands.
You might think starting high is a smart negotiating strategy, but it can hurt your final selling price. So have a smart strategy for pricing a home before you put it on the market.
#3) Look for a Strategic Time to Put it on the Market
Along with fairly pricing your home, you also want to make sure that you choose an optimal time to list your house.
If you list your home during a buyer’s market, then it could sit unsold for several weeks or months. Plus, various buyers will offer you low-ball offers because that is what other houses in the area are selling for. It may actually be in your best interest to wait six months to a year to sell your house for more money once the housing market shifts more toward sellers.
During this time, you have multiple options. You can avoid listing your home altogether and wait to move, or you can rent your home (either by yourself or through a property management company) over the long-term and re-evaluate selling it in 12 months. This latter option is ideal if you need to move immediately for work or personal reasons.
#4) Understand That the Best Offer Isn’t Always the Highest Offer
One of the biggest mistakes that home sellers make is focusing on the final selling price.
While this is important, the highest offer might not be the best one for you. For example, a high offer might come with several contingencies that put the whole sale at risk – for example, a home sale contingency that says they can’t close in your home until theirs is sold. High offers can also come with requirements like the price only applies if you pay for a new roof and replace the old carpet flooring. These upgrades are time-consuming and expensive.
Read your home offers closely. It may be in your best interest to accept a cash buyer for less or to accept a lower offer with fewer contingencies.
#5) Hire a Realtor® Who Has Negotiating Experience
People often think they are saving money by not working with a Realtor®. They don’t have to pay agent fees and therefore get more money for their home.
However, real estate agents play an important role in the negotiation process. They can give you advice on what to list your home for and how to respond to offers with reasonable counters. Without their insight, you could end up making less because your home isn’t properly listed or you don’t negotiate well.
As you look for a real estate agent to work with, ask about their negotiation skills. You can get a feel for how aggressive they will need to be to sell your house for more money.
Work With Effective Agents to Sell Your House for More Money
If you want to start your home selling process off right, check out Effective Agents.
We use data and advanced algorithms to help customers find the best real estate agents for their homes. You put in your information and specific home needs and then we find the top Realtors® based on their location, experience, and specialties.
Put our system to the test and see if we can find the right Realtor® for you.