If you want to sell your home, you need to understand the science behind the transaction.
There’s much more to real estate than meets the eye. Sale-ready homeowners need to spend time forming a comprehensive strategy to generate a successful sale. The best deals generate a strong profit — and there are specific steps that sellers can take to sell their homes for its highest value.
5 Tips to Sell Your Home at the Highest Value
Deciding to sell your home is a big investment. Sellers put time, money, and effort into the sales process. Naturally, sellers want to ensure that they’re getting the most out of their hard work.
Consider using these five tips to help maximize your returns when you sell your home:
#1. Follow Your Local Market
An informed seller is a strategic seller.
The first step to selling your home at its highest value is to research your local real estate market. Housing markets are fluid, meaning it experiences fluctuating ups and downs. Sellers need to understand how the market is currently behaving when they are getting ready to sell their homes.
Explore local market reports to get the hard data on what’s going on in your area right now. Pay special attention to comparable properties listed for sale and in-demand amenities that are increasing the market value of homes in your location.
#2. Get the Timing Right
Another important aspect of keeping pace with your local real estate market is getting the timing right. The time that you list your home can make a big difference in the overall sale.
The current buyer demand, inventory levels, average listing prices, and other factors all influence a home sale. Sellers trying to maximize the profitability of their sale can do so by listing their home when the market conditions are favoring sellers.
This is referred to as a “seller’s market” and can be identified by —
- Low inventories
- High buyer demand
- High average listing prices
- Low days on the market
Listing your home when the market is favoring buyers may not be the best environment to sell your home at the highest price. A “buyer’s market” can be identified by —
- High inventories
- Low buyer competition
- Low average listing prices
- High days on the market
Understanding how timing influences your home sale experience is fundamental to fostering a profitable sale.
#3. Invest in Pre-Listing Repairs
Investing in your property is a powerful way to sell it at its highest price. Taking time for home improvement before you post your home for sale on the market can substantially increase the selling price of your property.
To decide what repairs and renovations to make, let the real estate market guide your strategy —
- See what amenities or property features are in the hottest demand with buyers in your area.
- Talk to your real estate expert about what you could do in your specific seller situation.
- Reference ROI-driven reports on home sale repairs, such as the 2020 Cost vs. Value Report by Remodeling Magazine.
#4. Set the Right Price
It’s important to set your home at the right price the first time that you list it on the market.
When you establish a fair and reasonable price on the first round, you’ll be marketing to your target demographic of buyers. Sellers who price their home competitively on the market are inviting a more straightforward transaction experience than one that undergoes a dramatic change after the appraisal.
Listings that are accurate from the beginning have a better chance of attracting a serious, financially-prepared buyer that can afford your home.
#5. Work with a Top Agent
According to the National Association of REALTORS® 2020 Home Buyers and Sellers Generational Trends Report, sellers needed a real estate agent to market to potential buyers, price the home competitively, and find ways to fix up the property.
When you sell your home, there’s no better strategy than partnering with a best-in-class real estate agent. A top-performing agent will be your personalized source of guidance for selling your home at its highest value.
When an experienced, knowledgeable, and industry-leading agent works with a seller client, it’s their goal to help the transaction run smoothly, swiftly, and generate a strong profit. Your top agent will work for you, walking you through the next steps from preparations to closings.
With a top agent, you’ll gain access to market-leading strategies and best practices at every phase of your sale.
Keep these five tips in mind when you’re going to sell your home. If you’re ready to get connected with the perfect agent, click here.