Are you getting ready to sell your home? If so, there are things you can do to get the best selling price possible. While the market dictates the low-to-high margins, the steps you take before listing your home can ensure your final price lands towards the higher end of that margin.
Steps For Selling a Home At The Highest Price
Sellers often make the mistake of believing “homes sell themselves,” especially when we’re experiencing a seller’s market. That’s not always true, and there are proven steps you can take to make sure that your home sells itself for the best possible price.
First and foremost, it’s essential to partner with an experienced real estate agent who can objectively tour your home, provide a list of comparable sales prices (comps) for homes that recently closed in your area, and give you a realistic picture of what to expect. Your agent will work with you to create a customized list of “things to do” before selling a home.
3 Top Tips To Get the Best Sales Price
Here are three of the most important things we do to help clients get top dollar for their homes.
1. Price the Home “Just Right”
The first thing is to price the home at the “just right” price. This means:
- Don’t price it too high. Sometimes, people want to list their price on the high end of the area’s comparable sales margins because they think this will land the best offer. This can backfire.
Now that most people begin their home search online, pricing your home at your maximum “wish for” price means people may not find it. It could be the best buyer for your home has their max price point set for a price lower than your house is listed, which means they never see it.
- Don’t price it too low. Conversely, some sellers think setting prices slightly below their target price will inspire a bidding war. This idea can also backfire, leading buyers to assume the lower-than-normal price means there’s something wrong with the house, the location or that it needs more work than they want to invest. If your home is already on the market, beware of the urge to lower the price without solid support from your agent. Some homes take a little longer than others to get the price they deserve.
- Honor the area’s comps. Your real estate agent will show you a list of comps for the past weeks and months. These are some of the most realistic indicators of what you can expect. Review these comps with the agent and learn more about why a particular home sold at the bottom vs. the top of the price spread. Don’t be afraid to purchase a professional appraisal for a real-time indicator of the home’s current value.
2. Repair or address significant issues
Ideally, homeowners shouldn’t have to spend tens of thousands to fix up their homes. However, there are exceptions, like major storm/water damage or a roof well past its prime. Prospective buyers know it’s hard to get homeowner’s insurance on a home with notable issues with the roof, HVAC, electrical wiring, or plumbing systems – all of which appear on a home inspection report.
If the roof is in obvious disrepair (or 15+ years old), the home has evidence of water damage (including musty smells or visible mold/mildew), or the HVAC is outdated, replacements may be worth their while to attract the right buyers and offers.
3. Be Smart About Upgrades & Renovations
Here’s another reason to connect with a real estate agent before making significant changes to your home. Some improvements are a waste of money, while others may be exactly what’s needed to move your home into the next price bracket.
Things to consider are:
- Curb appeal. Affordable but effective improvements go a long way towards sprucing up the outside and inside of the home without investing money you won’t get back. We’ll help you focus on the most effective but reasonable improvements to boost curb appeal when selling a home.
- Neutralize any changes. Remodeling your kitchen may not be the best choice, as kitchen designs are quite personal. It’s a shame to dump thousands of dollars into a remodel that will be torn out for a new buyer’s remodel after the COE. We can discuss which – if any – upgrades to the kitchen or bath are worth it. Ultimately, you want your home to look fresh and inviting but neutral enough that new buyers can envision themselves there.
- Decluttering & staging. Decluttering the space goes a long way toward making it more appealing to others. We’ll give you a list of what to remove to provide that neutral ambiance mentioned above. You can stage the home independently, or we can refer you to a pro. Studies show that decluttering and attractively staging a home (using what you already have) helps homes sell faster and for higher prices.
Choosing where and how much to invest in pre-sale home improvements helps you get the most out of the final sales price.
Southern Exclusive Real Estate Specializes in Getting Optimal Sales Prices
If you plan on selling your home, schedule a pre-sale appointment with Southern Exclusive Realty. Our team specializes in getting top-dollar for our clients, and we look forward to doing the same for you.