Maximizing the Profit on Your Home Sale
Are you worried you may have missed your chance to make a killing on your home sale? While the market has been shifting as a result of rising mortgage rates and home prices, it’s still a seller’s market. If you’re selling your home, then you’re still in a good position for a favorable outcome. However, there are things you can do to ensure you get the most profit possible from your home sale. Let’s take a closer look.
Know the comps
If you’re selling your home, then it’s essential to know what’s happening in the market in your neighborhood. This means researching comparable sales that have happened in your location in the last few months. Look for homes that are the same size as yours with similar amenities. You should then use that information to help you determine the listing price for your home. If you list for more than local comps, then buyers will most likely be turned off. Conversely, if you list for less, then buyers may be worried there is something wrong with the home. Pricing it just right is the key. You should lean on your real estate agent for expert advice on how to price your home appropriately.
Be strategic about your listing price
In addition to knowing the comps, you should also be strategic in pricing your home for sale. For example, if research shows that you should price your home for $400,000, consider pricing it for just under that amount – say, $399,999. It will make the home seem less expensive and will show up in more buyer searches.
Understand your potential buyers
When you sell your home, you need to put yourself in a buyer’s shoes. What is it about your home that is so attractive? Is your home spacious or does it have great views? Do you have plenty of space to entertain or a spare room to use as a home office? Maybe your home is all on one floor, making it perfect for those who want to age in place. Know what buyers in your area may be looking for so you know what amenities of your home to highlight. Don’t forget to include area amenities, such as proximity to public transportation or being located in a highly-rated school district. These are all things you should emphasize when marketing your home for sale.
Declutter and depersonalize
Finally, we can’t emphasize this point enough. You must declutter and depersonalize your home before you list it. This means going through all the closets, cabinets, drawers, and storage spaces. If you need to, then pack up items and store them in a rented storage unit during your sale. Once you’ve decluttered, you need to clean your home from top to bottom. Buyers will look in every corner of your home, so no shortcuts. Pay special attention to the kitchen and bathrooms. And don’t forget to remove all personal items from your home. This includes family photos, travel souvenirs, and even sports team memorabilia. You want buyers to be able to imagine themselves in the home, which will be tough to do if your home is personalized to your tastes.
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