Are you thinking about selling your home? Even in a seller’s market, you can do things to maximize your profit. Corey Shader shares some tips for making your home stand out and earning more money from the sale.
Time Your Sale Carefully
The real estate industry is subject to the same laws of supply and demand that affect all businesses. To get the most from your home, you’ll need to time your sale for the seasons when demand is at its peak.
Research shows that the best time to sell your home is in the spring. But historical trends can also be destabilized by economic or even global events, as seen during the 2020 pandemic. Sellers may wish to research the housing market in their area to determine whether housing prices are rising or falling and plan their sale accordingly.
Make the Right Repairs
Prospective buyers will need to complete an appraisal before purchasing your home. An appraisal will likely highlight areas that need repair. The more repairs your home needs, the less willing the buyer will be to pay your asking price.
Make preemptive repairs to essential areas of your home. Granted, you’ll have to invest your own money to do so, but it will pay off when buyers are more willing to purchase your home.
Watch Out for Upgrades
While repairs are usually essential, upgrades are not. In fact, a study performed by Remodeling Magazine discovered that nearly all remodels and renovations cost more to complete than they earned when selling the home.
At the same time, making some cosmetic changes, such as a fresh coat of paint or a new flower bed, can contribute to your home’s “curb appeal” and give buyers a favorable impression of the property. Bottom line: ensure your home looks fresh and inviting, but don’t go overboard with a lot of upgrades.
Ask the Right Price
Finding the right price can be tricky. Aim too high, and you discourage people from considering your house or even prolong the process of selling. Aim too low, and you cheat yourself out of a bigger profit.
An agent can help you with a comparative market analysis, which will price your home based on the sale price of similar homes in your area. Try not to price your home based on sentimental value. This can cause you to price your home too high.
Negotiate the Best Offer
In real estate, the “best offer” isn’t always the highest. Some offers come with contingencies related to:
- Sale of the buyer’s home
In some cases, buyers may have the option to back out of the sale if they’re unable to sell their current one. You’ll need to decide whether you’re comfortable with these contingencies or if you’d like to hear additional offers.
Meet Corey Shader
In addition to working as an entrepreneur and consultant, Corey Shader has worked as a real estate developer. He has a passion for helping others achieve their best and has helped numerous business startups reach their fullest potential.
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