Your home is the biggest source of wealth you likely have. It gives you the potential to reap major financial rewards. However, those rewards can only be yours if you know how to market and sell your home at the best possible price.
Selling a house for the most money is challenging. However, if you do your due diligence and learn from trained real estate agents, the process can become drastically easier. Here are a few things to think about if you want to sell your property at the highest possible price.
1. Know the Local Market
The housing market is in constant flux. This flux is seen on a national level, state level, and local level. It is unwise for you to think that market conditions will stay the same for a long time. This is why you want to constantly talk to a good real estate agent. They know the market. They can use their experience with the local market to read conditions. By using comparative market analysis and by reviewing properties sold in the past six months to one year, they can help you determine the highest asking price for your property.
2. Know When to Sell
The best time to sell your property may not be the same as it is for another seller. Traditionally, the housing market explodes during the spring and becomes more stagnant during the winter. However, your personal and financial circumstances as a seller will impact when you decide to sell.
You should set a timeline for the sale. This will give your agent a timeframe for when you want your house sold. If possible, hold off for a seller's market. This will increase the amount of money you can fetch for your home.
3. Set the Right Price for Your Home
This is a balancing act. After doing your due diligence and evaluating the market, you want to set your home for a price that will allow it to sell within a reasonable timeframe. If you set the price too low, you may end up having to settle for a price that is even lower than what you were asking for. However, if you set the price too high, you may see your property sit on the market for a lot longer than you expected it to.
You want to set a price that is comparable to what other properties in your suburb are selling for. Evaluate the housing market at the time of the sale.
4. Minor Renovations That Could Add Value
A minor renovation, such as fresh paint, minor bathroom and kitchen renovations, or small energy efficiency upgrades, can add value to your property without costing an arm and a leg. If your real estate agent recommends making minor tweaks, listen to them. Minor improvements rarely take a long time and have the potential of drastically increasing the sale price.
When negotiating an offer, you want the best offer. A high offer may come with a ton of contingencies, allowing the buyer to get out of the agreement if any of those are not met. You want an agreement that allows you to walk away with the most amount of money and that allows you to sell your home in a reasonable amount of time.