Selling your home can be an exciting if daunting task. The potential for positive change – finding a new home to meet a new job location for example, is very high, but the task of getting your home ready for market and setting a sale price can be overwhelming for many homeowners. When it comes down to it, all the effort you’ve put into your home leads up to your potential sale price, ensuring you, essentially, “get out what you put in”. So, what steps can you take today to get the most from your home sale?
Step 1: Work with a Real Estate Professional
Sure, there a ton of tools and services available where you can do research on homes for sale in your area, as well as your desired relocation spot and we encourage you to use them to do your preliminary research. However, what these tools lack is the personal knowledge of what drives your local real estate market, and how to use that information to your home sale advantage.
By connecting with a real estate agent and mortgage lender in your area you allow yourself the expertise and personal understanding of how to get the best deal for you home sale. Like any other industry, each market in real estate has its own nuances, so be sure to work with someone who has insight into yours.
Step 2: Update Where it Makes Sense
Your home is where you live. While that may seem like an obvious statement, what we mean by it is that the space may have taken on a little wear and tear over the time you’ve been there, and may need some TLC to get it into buyer-ready shape. However, enter into home repairs by erring on the side of caution, and keeping the return on your investments firmly in your mind. It’s important that any expense you take on to sell your home offers a potential increase in sale price, without cutting into your profits too much. Some less costly, but buyer-focused updates are:
Painting or staining trim and doors, indoors and out.
Refinishing kitchen and bathroom cabinets
Replacing light fixtures
Repainting kitchen and bathrooms.
Your real estate agent will also offer insight into potential ways you can update your space to get the most for your home sale.
Step 3: Price it a Little Low
The whole point of listing your home is to get interested potential buyers to reach out for a visit or to attend your open house. Once inside the home, your realtor and yourself can sell it, promoting the benefits your home offers. With that in mind, it’s important to understand that one of the top criteria of any home search is price. So, it’s important to be sure that the price of your home is set to attract as many potential buyers as possible, without undercutting your sale price needs.
How do you walk that line?
By pricing the property about 10-15% less than your optimal sale price. Why? To ensure best response to your home listing and to allow for negation room between you and your potential buyer. Research shows that you will see a 15% increase in potential buyer traffic to your property when you list at 10% less than market value, while a 15% decrease in listing price will show as much as 30% more visibility for your home listing.
Work with your realtor to list your property to get the most visibility and let them work for you to negotiate the best sale price.
Atlantic Home Loans, Inc. NMLS#15241 www.nmlsconsumeraccess.org 50 Route 46 West, Parsippany, NJ 07058 licensed or authorized Mortgage Lender/Banker by, and does not offer its loan services or products in any states other than, the following: CA Department of Business Oversight, CT Dept of Banking, DC Department of Insurance, Securities and Banking, DE Office of the State Bank Commissioner, FL Office of Financial Regulation, GA Dept of Banking & Finance, MD Commissioner and Financial Regulation, MA Division of Banks Lender/Broker MC#15241, NJ Dept of Banking and Insurance, Licensed Mortgage Banker—NYS Department of Financial Services, NC Commissioner of Banks Mortgage Lender, PA Dept of Banking, Rhode Island Licensed Lender/Broker, Virginia State Corporation Commission License MC-3001. Atlantic Home Loans is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.