Sell Your Home at Top Price with these 5 Tips
I understand that when you bought your home, you probably at least thought about its resale value when you chose it. Now you’ve been in your house for a couple of decades and you’re thinking about selling, but you want to get the top price for your home. You have a good chance of doing it if you follow these 5 tips.
Tip # 1: Start a Bidding War
It’s kind of strange to think of starting a bidding war after the tumultuous last decade in home prices. However, inventory has not kept up with demand as the economy has come back. Now there are more buyers than sellers sparking high interest in otherwise average homes.
Here’s a tip for starting a bidding war and pushing your home price up; List your house about 15% lower than what it is worth. It’s risky. You could end up settling for your asking price but if there is high demand and little inventory in your area, you could end up closing for 15% to 20% more than what your home is actually worth!
Tip # 2: Hire a Techy Agent
The fact is in today’s tech world, homebuyers want an agent who knows how to use technology to their advantage. Nearly all homebuyers browse online listing sites before they decide on an agent. If your agent is tech savvy, they will have a state-of-the-art website that is mobile responsive and garners a lot of traffic each week.
Here’s a tip for hiring a tech savvy agent; check out their website and social media sites. The best agents will use a comprehensive online strategy to market your properties to the widest audience of potential buyers. That begins with having a top notch online marketing strategy and user-friendly website.
Tip #3: Make Smart Fixes
For sellers the temptation is to make all of the fixes to your home that you would have loved before you decided to sell. That is the wrong tact to take. When you are preparing your home for resale, you need to make smart fixes that will entice buyers but not so expensive that you will never recoup the costs of making those improvements.
Here’s a tip for choosing smart fixes; think about changes that make a big visual impact. Repainting blue rooms in a neutral color, re-facing cabinets, and swapping out dark drapes for light and airy drapes are just a few quick fixes that will make a good first impression on buyers who attend your open house.
Tip # 4: Focus on Updating High Traffic Rooms
Spending upwards of a thousand dollars to fix up the loft space above your garage is a good idea if your teenage son demands their own space. However, for a resale you want to focus on updating high traffic rooms like the living room and most importantly, the kitchen.
Here’s a tip for making the right updates; even if you can’t afford to buy new appliances, you should update them with a new coat of paint or replace old worn out countertops. Buyers will likely focus on the rooms that see the most traffic for them so make sure your entryways are clear, closets empty, and lighting bright and inviting.
Tip # 5: Start Prepping Now
Finally my last tip is to start prepping now. Whether you plan on selling your home this month or next year, it is a good idea to start prepping now. If you take projects one at a time and space them out, when it is time to sell, you will be surprised at how ready to sell you actually are!
5 Signs that it May Be Time to Sell Your Home
When your neighbor sells their house for thousands of dollars above asking price, I know it can be very tempting to start making plans to sell your home too. With national housing inventory low and prices rising, it may be time to sell your home but those shouldn’t be the main factors. Here are 5 signs that clearly point to the need for you to sell.
Sign # 1: Your Place is Too Small
One of the number one reasons people point to for deciding to sell their home is that they’ve simply outgrown it. Whether you had more children than you thought you would when you first bought the house or you have had to take in one or two ailing parents or grandparents, when you’re struggling to coordinate bathroom schedules, it’s a clear sign that it is time to sell.
Sign # 2: Your Place is Too Big
On the other end of the spectrum, there are many retirement aged adults who are going in the reverse and trying to get rid of some of their extra space. When the kids are out of the house and have their own families, it starts to make financial sense to try to downsize. Think about how much you pay in electric and gas and compare that to a smaller house and see how much you could save if you need more convincing.
Sign# 3: Your Neighborhood Has Changed (for better or for worse)
It’s terrible when a once beautiful neighborhood starts to go downhill. That’s one sign that it’s time to look for a new place to live. But it could also be that your neighborhood has improved so much that it has pushed home values in your area through the roof. No matter how you slice that pie, selling sounds like a great idea if you are facing either of those scenarios.
Sign # 4: You Live Elsewhere
There are many reasons why you are holding onto a house that exists in one place and you live elsewhere. Maybe it is a family heirloom. Maybe you have been commuting back and forth and the weekends. Or maybe you bought the home as a rental property but find yourself paying more in taxes than collecting in rent.
The cost of maintaining two homes is a luxury that most families can’t afford. If you find yourself struggling to pay the bills, it’s probably time to let go of one of those anchors.
Sign # 5: You Can’t Afford the Payments Anymore
You may have been thinking it for a while but have struggled to face the fact that you just cannot afford the payments on your house anymore. It happens to the best of us. The problem is struggling to try to stay afloat when there is no financial way to make it work.
Besides, what is the point in living in your dream home if it is killing you to afford it? Whatever your reasons for hanging on, when you are only living and working to pay the mortgage, it is definitely time to sell your home.