Getting the most out of your selling your home is more than just staging it to look pretty. Clearing the clutter and keeping the decor simple will help a little bit but it’s not going to make a huge difference in how much you get for your house. Here’s what you should do to get the most out of selling your home.
Understand how the market works
In real estate, there are buyer’s markets and seller’s markets. A buyer’s market is when there are more home for sale than buyers, bringing the prices down. A seller’s market is when there are few homes for sale and lots of buyers, making buyers compete on who gets the home, bringing the prices up. So how do you tell if your area is in a buyer’s market or a seller’s market? Start by looking at the average number of days that homes in your area are on the market. If homes similar to yours are selling faster than that average number, then it’s likely a seller’s market.
Time your sell
Timing when to sell your home can be tricky because the best time to sell constantly changes. There are usually more buyers in the spring and summer because they want to move when their kids are out of school. To get the most out of selling your home, you should sell when your home has enough equity to pay off your mortgage, the costs of selling, and moving costs. If your home doesn’t have enough equity to cover these costs, you’ll have to pay them out of pocket.
Price your home right
A lot of people think that if they overprice their home they’ll end up getting more than they would if they priced it correctly. But overpricing your home can actually backfire. If you don’t get any bites, then you’ll have to drop the price. Buyers become wary of homes with price drops and assume something is wrong with the home. You can also miss out on potential buyers by overpricing your home. Most people when searching for homes will set a price range. If your home is out of their price range they won’t even see your home listed.