With low inventory and high demand, home sellers are in for a treat. Market forces are already doing a lot of the work boosting home prices. Should that mean you can coast along and let the market do all the heavy lifting for you? Sure you can if you want to. But if you want to make the most out of the opportunity presented to you, there are things you can do to further boost the value of your home.
Here’s a list of things you can do to make the most of your house for sale.
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Sell during the warmer months of the year
While home prices have been rising since late 2020, waiting a little longer until late spring or early summer to sell your house may result in a better price for your home. That’s because warmer weather has been linked historically to increased buyer activity. It’s easy to see why. Warmer weather makes it more convenient for people to head out and go house hunting. As the pandemic response improves with the availability of vaccines, it’s reasonable to expect more buyers to venture out come summer time. Given the current shortage of homes for sale, experts are predicting that home prices will remain consistently high throughout 2021. Thus, buyers will be looking to move speedily on a transaction, which means you can sell your house fast. -
Use data to inform pricing strategy
Even if it is a seller’s market, overpricing your home is still a no-no. And while there’s no such thing as “too low” during this time (bidding wars often drive up the initial ask), there is still a chance that you could be leaving money on the table if you set a price below market value. Aim to set the right price. Buyers and their agents will come prepared. They will schedule a private showing, whether virtual or in–person, knowing the prices of comparable homes in the neighborhood. So, do the same. Examine your house against similar homes in the neighborhood. Look for comparable factors like amenities, sold homes, and date of sale. If you work with a listing agent, they will do the comparative market analysis or comps for your home. Data eliminates guesswork. Once you allow facts to dictate your list price, you and your listing agent can work on creating a pricing strategy that leaves you on firmer ground during negotiation. -
Make repairs when it concerns safety and structural issues
Whether it’s cracks on the foundation, faulty wiring, or a leaking roof, any home seller will want to make repairs before putting their home on the market. If not, a home inspection ordered by a buyer towards the end of the home buying process will reveal all. That means slowing down the transaction as offers are renegotiated based on the extent of the repairs – or jeopardizing the deal altogether. As a seller, therefore, it makes sense to order a home inspection yourself. You can make repairs revealed by the inspection report before listing the house. This eliminates last-minute renegotiations based on the condition of the house. With no major issues to flag, buyers will be less likely to push hard on price reductions and other contingencies. -
Have as many would-be buyers lined up
If you get several offers, let alone spark a bidding war, the sooner you can sell your house.
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- Low quality listing photos
- Lack of professional home staging
- Outdated fixtures and design
- Unrealistic pricing
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Work with a professional real estate agent
A real estate agent’s insight and expertise in any given market is invaluable when you want to sell your home for maximum profit. They are in the best position to give you advice on ideal selling dates, pricing, key repairs, home staging, and more. These professionals can also guarantee your closing timeline is followed, regardless of whatever is happening in other areas of your life. For a stress-free experience and higher profits on your home sale, hiring a real estate agent is the way to go.