Every home seller wants to maximize their profits. But actually doing so? That easier said than done.
Unless the market is low on inventory and bidding wars are the norm, bringing in big profits takes careful planning, effort, and some upfront investment, too.
Are you looking to increase the proceeds your upcoming home sale takes in? Here are five tips to help you do it:
Pick the right time.
Timing your sale properly is critical — at least if you want your home to sell fast and for top dollar. According to an analysis from Zillow, listing your home in mid- to late-spring is your best bet for maximizing your sales price.
Zillow’s data shows that homes listed in early May sell for about 1% more than expected (about $2,100 on the average-priced home). They sell for around six days faster, too.
What day you list your house also matters. A study from real estate brokerage Redfin shows that homes listed on Thursdays claim the highest premiums, selling for about $3,015 more than those listed on Mondays. Listing on Wednesdays and Fridays is also a smart bet, according to the data.
Finally, you should also take into account local market conditions. To fetch the highest price, you want:
- Lots of buyer demand
- A limited number of listings
- Low mortgage rates (this allows people to buy larger-priced homes for lower monthly payments)
If you’re not sure what market conditions look like in your area, be sure to talk to a local real estate agent. They’ll be able to fill you in on the latest data.
Consider a few high-ROI home improvements.
Unless your house is in serious disrepair, you don’t need to spend thousands sprucing it up before you sell. What you can do, though? Invest in a few high-value projects that can justify a higher list price.
Remodeling magazine has a great list of improvements that fall into this camp — things like replacing your garage door (which adds $3,520 to your resale cost) or adding a wood deck (which adds more than $10,000).
Investing a little bit into staging your home can also go a long way. In fact, according to a study by the National Association of Realtors, a whopping 44% of real estate agents think staging adds anywhere from 1% to 20%-plus to a home’s sales price. On a $200,000 that could mean an extra $2,000 to $40,000.
Be as flexible as you can with showings.
You can’t sell what you don’t show. While showings might be inconvenient, they’re critical if you want your home to sell quickly and for the highest price possible.
Try to be as flexible as you can when showing requests come in, and if you can, set up some times outside of normal hours when buyers can tour — maybe a few weeknights or even early weekday mornings. The more buyers who see your home, the more likely a bidding war will ensue.
Know how to negotiate.
Finally, don’t be afraid to negotiate. Ask a buyer to up their bid if you don’t think it’s enough, or put a time limit on offers to drive more competition.
If you’re not keen on negotiating yourself, get an agent who can do it for you. Most agents are well-versed in negotiations, and they can help you get the absolute best deal out there for your home. (Keep in mind, though: They do charge commission).
Selling and buying a move-up property?
If you’re selling your home and planning to buy a new one, make sure you get prequalified first. It can help you be more competitive against other buyers in your area. Get in touch with Premier Nationwide Lending to start the prequalification process today.
Premier Nationwide Lending is an Equal Housing Opportunity lender. Sponsored by NTFN, Inc. 6201 West Plano Parkway, Suite 100, Plano, TX 75093 | NTFN NMLS 75333.