In an article published on April 3, 2018, USA Today stated that home buyers were “busting budgets” and spending more than expected on buying their dream home. In fact, according to an Owners.com survey, a third of home buyers have been going above the upper limit of their budget to buy a home over the past four years. The good news for home sellers doesn’t stop there. In January 2018, the Case Shiller home price index showed a 6.2% gain in the prices of homes sold nationally, as compared to a year ago. After having bottomed in 2012, home prices have been rising steadily, having increased almost 50% since then. The healthy job market in the United States, coupled with inventory shortage, has been driving prices up.
This, therefore, appears to be a good time if you have been thinking of selling your home. And, if this is the very first time that you will be selling property, the key to success is being armed with knowledge. So, here are a few key tips that can help you get the best price for your home.
Tip 1: Price Your Property Appropriately
The first step, regardless of whether you are buying or selling, is to understand your local property market. This is because not only do prices vary from neighborhood to neighborhood, the types of buyers you are likely to come across will also differ. Then there are markets that vary across different times of the year, with the spring months usually being the best time to sell in the US. If you list your home for sale during periods of high demand, you are likely to get more offers and therefore have a better choice of deals.
Knowing your local real estate market is also a good way to know how to price your property. One of the most common reasons for a home not selling is that it has been incorrectly priced. Being a first time home seller, it could be difficult for you to estimate the accurate listing price for your property. This is where a skilled and experienced real estate agent can help. Not only will they be able to value your property accurately by conducting comparative market analysis, they will also know all the regulations and real estate codes for the locality and ensure that your property is not in violation of any laws when you put it up for sale. In addition, during the sale process, listing the property online and offline, getting all the paperwork done, screening potential buyers, negotiating the best deal and more can all be handled by the real estate professional.
Tip 2: Prepare Your Home for Showing
First time home seller often underestimate the advantages of getting the home ready to show potential buyers. When a buyer looks at a home, they want to be able to see themselves living in it. However, if the house is dirty, cluttered, with cracked paint or damaged flooring, it certainly won’t look inviting. Staging the home is a key component of getting the good price for your property. So, be prepared to make some investment on repair and renovation before you can sell your home.
This does not mean that you need to spend a lot. You just need to ensure that all electrical fitting work, the home is clean and looks well cared for, the garden or backyard is uncluttered and well-tended and so on. Your real estate agent can help with a home inspection and tell you what all you need to do to ensure that your home is ready to be shown in the best light. Making a good first impression is half the battle won. So, put in some time and effort into sprucing up the interiors and exteriors of the home.
Tip 3: Listing Your Home for Sale
The first time you sell a home isn’t the time for a DIY approach. Hire professionals who can ensure that your home is listed in the right places. Also, make sure that the property is listed online, given that most buyers tend to do their research online before physically visiting any property. For this, you can even hire a professional photographer to take pictures of your home for the listings.
These are just some of the basic tips that will ensure that your asking price is the best you can get. The USA Today article quoted at the beginning of this post also stated that millennials were most likely to go above budget by as much as 40% if they liked a home, while Gen Xers might go as high as 34% above budget. So, make sure you invest in your property in such a way that you can reap maximum rewards.