5 Simple Steps to Getting the Best Price for Your Home
If you’re selling your home and you are human, you are probably trying to make as much of a profit as possible. You need to make sure that your home stands out among the competition (in a good way) in the market. How do you do that so that you get a good price and minimize time on the market? You should consider following these steps to determine the correct price to list your home and how to get your home ready for market:
Get an Appraisal Done Before You Settle on Price
Work with an appraiser who is familiar with your area. Explain to the appraiser the purpose of the appraisal. Appraisals are an art, not a science - despite what you might hear to the contrary! Make sure that the appraiser understands that this is not for estate purposes or insurance valuation, but to identify the most likely price range in which your home will sell - based on current market conditions. A good appraiser will help you figure out how much your home is reasonably worth, and also which parts of your home are the most marketable or desirable in your community. If you can put more of an emphasis on those features, you’ll have a much better chance of selling your home for a great price.
Do Your Homework
Your next step is to research your market and your competition. Make sure to work with a local real estate agent. An experienced agent can provide insight into current market conditions in your area and how your home compares to others. Remember, it’s often the other homes on the market that determine your asking price. Working with an experienced local agent, you can determine the right asking price to get the most for your home without scaring away buyers.
Finish Major Repairs
No one wants to buy a home that needs major repairs completed. Take some time to look at the most problematic areas of your home and to get the work done. Though this does mean spending money, doing so will make your home look more attractive to buyers. If you can present a home that looks like it’s move-in ready, you may be able to sell it more quickly and get more from your potential buyers. You may think that you can do the work in a piece meal fashion as your home sits on the market - a month goes by and property hasn't sold so you can renovate the bathroom. Another month goes by and you don't have an offer so you renovate the kitchen. Don't do this! It doesn't work. Get any work done that you need to do before the property goes on the market. You will save time on market and ultimately put more money in your pocket.
Stage Your Home Professionally
Take some time to work with a professional in order to stage your home before your showings. You want to highlight your home’s potential, so make an investment that’ll really wow the people who are looking at it. Just a bit of time and money spent on staging can have a huge impact on how buyers perceive your home. Again - you need to remember that your first showing takes place when buyers look at the online photos of your home. Putting up photos of your home that don't highlight the best features of your home will keep buyers from making an appointment to see your home in the flesh!
Let Your Realtor® Do the Job
If you followed the advice in step 2, then you have hired a great Realtor®. Now you have to trust your judgment in choosing that Realtor® and you have to trust the advice and guidance you receive. Make your home available for showings - and open houses if they are done in your community. Vacate the property during showings. Take your pet with you. Accept that some showings will get canceled at the last minute or will be scheduled for times that aren't terribly convenient. Go with the flow. The purpose is to sell your home! Put a smile on your face and go with the flow!
Getting a better price for your home is largely a process of understanding what your home is worth and then marketing it as best you can. Get your home appraised, hire a real estate agent, and make sure the house looks great, and then let your Realtor® do the job of selling your home. Once that’s done, you’ll be sure to fetch a good price!