Often times, when selling a house, your profit might already be spent before you ever even receive it. We already know where that money is going before we have it, to things like mortgages, other loans, and a down payment on the next home. It makes sense why anyone selling their home would want to net as much from the transaction as possible.
A home is someones biggest expense, yet their biggest asset. More than that, there is often times a lot of emotional attachment to a house. Owners are proud of what is theirs, as they should be, so they might sometimes be swayed to ask for more than a property is actually worth. Rather than just asking for more, here are some tips to also make the house be worth the price you ask for it.
Complete Certain Repairs
Certain repairs will help sellers get much more from their house than the repairs cost. If a house needs a new roof, this is often an item that can help the sellers make more than they spent on it. A new roof can help the house have great curb appeal, it will help the pictures look great, and it will help buyers feel more confident in the house knowing they won’t need to pay for roof repairs any time soon. Some other repairs that can help increase value are painting, new light fixtures, updating cabinetry, and taking care of things that a home inspector would likely call out. When considering what repairs to do, keep in mind that some defects can stop lenders from lending certain types of loans on houses. For example, lenders will not give an FHA loan on a house that has a cracked window. So if your house has a cracked window, you can have the house appeal to an entirely new group of buyers just by replacing that window.
Clean and De-clutter
First impressions are everything, and houses are no exception. Have your yard looking clean and maintained. Before potential buyers walk in for a showing, make sure the house is cleaned and organized and smells nice. If it’s got any odor or mess, it will subliminally affect the buyers opinion of the house. Clean is often associated with maintained, meaning that if it looks like you kept your house meticulously cleaned, most people will likely assume you also stayed on top of the maintenance aspect of it as well. Make sure that buyers can get the “big idea” of every room they enter, meaning that if you have rooms for storage, the stuff is organized in a way that the buyer can still see the entire room and walk in it. A common trick when cleaning for showings is also to take down all personal pictures/decorations! First of all, you probably don’t want strangers seeing pictures of your family… second of all, when these pictures are NOT present at showings, it makes it easier for buyers to imagine owning it themselves. Again, another subliminal trick to help the home appeal to more buyers.
Increase the Curb Appeal
Other than the fresh new roof we mentioned, what are some other things your house could use to make more people who drive by it interested, and more people who see the pictures online interested? Perhaps some new paint or vinyl siding could go a long way for you, or trimming up some bushes or putting down some grass seed. Maybe painting the front door and getting new shutters to compliment the color of the house, or pressure washing if the house is just dirty! Not only are buyers looking for a sharp looking house to show off, but it also goes back to the first impression thing. Your goal should be to make buyers want the house before they ever walk in the door.
Staging and Pictures
Studies show that most staging costs about 1% of the homes sales price, and can help the home sell for 5-15% more. The purpose behind it is to help buyers see how the space in the house can be used, and to help them be able to imagine calling it their home. Staging is also something you can do yourself! There is a friend of mine who is an investor, and every time he is about to sell a property his wife and him go in and stage the property with some decorations they have acquired. They don’t do big furniture or anything, but I still think it looks great every time. And no longer than they spend doing it, it is a great investment. Professional photos are another great way to have people who see the property online be more inclined to come and check it out in person.
Price The House Properly
You obviously don’t want to leave money on the table when pricing, but pricing too high can be just as bad. One trick is to price the property just barely under market demand so that it gets lots of attention and brings multiple over-asking offers. If you price the property too high, you risk loosing all attention and letting it sit on the market for a while. Whenever you do lower the price to where it should be, you could have lost weeks or months of marketing time, and the house won’t have the attention it would if it were just listed.
Work With a REALTOR
Many people believe that to make as much as possible from the sale, you shouldn’t work with a REALTOR. After all, if you do, you will be expected to pay a commission to them for assisting you. What most people don’t know however, is that REALTORS increase sales price on average by 11-15%. That means that hiring a REALTOR will actually make you MORE money, even after paying the commission. You get a professional assistant who will take care of getting the house listed professionally, handle all the showings, negotiate offers with buyers, and knows the ins and outs of all the paperwork and legal concerns, and in return you get to make more money from the sale.
Here are some reasons why Real Estate agents are able to increase sales prices of homes:
-They create professional listings for the property, which are then syndicated on just about every Real Estate website there is. This ensures maximum exposure
-They hire out professional photography
-Experts in negotiating offers
-Able to price the home properly and strategically
-They spend their time and money marketing your home
-They already have access to potential buyers
If you are considering selling, please give me a shout! I would love to offer you any help that I can, even if you decide not to work with me. You can call or text me at (828) 855-6514. Have a blessed day!
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