Tuesday, July 20, 2021 / by Amy Brown
Do you want to maximize the sale price of your home? If you are ready to research listing prices in your neighborhood, crank up on some creative open home ideas, you might end up attracting many eyeballs who would be ready to pay the price you so desire.
In this post, we will discuss 8 proven ways that allow sellers to set the right expectation, get ahead of the competition, and position their properties to attract an attractive price tag for their properties.
If you are a seller looking to make the most out of selling your home, this post will give you all the insights you would ever need. So without further ado, let’s get started.
Listing Price Research
The listing price of an individual house is largely determined by its location and characteristics. There are many different factors that influence the listing prices of homes including location, size, age, condition, and amenities. Some might be willing to buy a home with less desirable features like location or age as long as they have more space or are newer.
Research how much it costs to sell a house
Selling a home in the current market can be more costly than one may expect. These costs are outlined in detail below:
- Staging: Approximately between $4,000 and $6,000
- Professional photos/videos: Between $1,000 and $5,000
- Home inspection: Approximately between $400 and $500
- Closing lawyer fees (if applicable): Between 4% to 6% of the sale price of the property
- Additional fees (to be paid by buyer): Property taxes/assessments; transfer taxes; utility connections
Decide a Time to Sell
It is clear that the best time to sell your house depends on a lot of factors. The crucial thing to keep in mind is that the asking price should be in line with the market value. The optimum time to put your property on the market depends on where you live and what's happening in your neighborhood.
The seller also has to take into account how long they have lived at their property, how much they paid for it, and whether they have renovated it.
Hire an Agent
Agents provide a wide range of services to homeowners, including locating and showing the property, negotiating the price with potential buyers, and managing the home sale until it closes.
They also know how to keep clients informed about important issues, such as a house's zoning status or whether financing is available.
Agents are experts at determining a fair market price for homes. This expertise can save time on negotiations with potential buyers - which is an important consideration if you're looking to sell your home quickly.
Boost value through Repairs and Renovations
Renovations that increase the sale value of a home are renovations that can be done with no financial investment. This means that these renovations can be started and completed without spending any money.
The first way you can increase the sale value of your home is by installing an air conditioning unit. People are increasingly looking for houses with air conditioning units because they tend to be more comfortable in climates where it is hot outside. Even if you have to borrow money from a friend or relative for this project, you will still get your investment back when you sell your house in the future.
Another way to increase the sale value of your home is by replacing all light fixtures with energy-efficient ones. These fixtures use less electricity, which also reduces monthly utility bills on average by 10%.
There are many ways buyers and sellers can help save on closing costs. The first way to save on closing costs is to negotiate a lower price.
Typically, the seller pays for all of the closing costs, so if you can get them to accept a lower price then some of the money that is being used for those fees can be saved. This doesn't work in every case and may not be possible in your situation but it's always worth attempting to try and get them to lower their asking price.
It is always important to have a look into various closing costs components such as realtor’s commissions, title insurance costs, taxes, and much more to develop an idea of the costs.
In some special cases such as in New York, you can lure the buyer to go for a purchase CEMA agreement that can drastically cut down their closing costs.
Open Home Ideas
There are many open home ideas that can help you to sell your house for a higher price. Some of these ideas are pretty simple and will not take much time or money. Others are more advanced and will require more time to prepare.
Here are some quick tips to make your home more inviting:
- Open the curtains
- Put a pot of flowers on the window sill
- Play relaxing music in the background
- Turn on lights throughout the house
- Clean up clutter
Take care of Buyer Contingencies
Before you settle on a buyer for your home, make sure you weed out the ones with contingencies.
Buyer contingencies are an important factor in deciding which buyers to go for when selling your home. Contingencies can be deal-breaker if they got to do something that you couldn't do or were not willing to do.
First, read the offer attentively and make sure that there are no surprises there. If there are, then ask questions about it and only accept the offer if everything is in order.
Hope you found these points useful. See you next time with another post.