Selling a Home 101: Your Complete Guide to Making a Profit
In 2020, homeowners sold 5.64 million houses in the United States.
If you want to be one of those homeowners to sell your house, you might be wondering how you can get the most profit for your property.
Thankfully, we have the best guide for selling a home for the most money, so make sure you keep reading!
Stage Your Home
The first thing you should do before listing your home is to stage it. This way, when potential buyers walk through it, it’s easier for them to visualize what their life would look like in that home.
You could try staging the home yourself, but having a professional realtor come in and stage your home could be helpful as well.
If you don’t want to pay to stage all of your home, you should at least stage the living room, master bedroom, and kitchen, since these are the rooms buyers are normally most interested in.
Work With a Real Estate Agent
Speaking of real estate agents, they’ll be able to help you sell your home quickly and for the most profit.
A real estate professional will be able to offer their professional help to someone who doesn’t have any experience selling a home. They’ll make sure that no one takes advantage of you and tries to buy your home for less than what it’s worth.
However, you need to make sure that you find the right real estate agent. Their services aren’t free, and you’ll likely owe them somewhere between 5 and 10% of your home’s sale price.
Having a real estate agent won’t magically increase your home’s sale price, but they can act as a guide for you to make the right choices.
Know the Market
A real estate agent will also help you know the market if you don’t have experience.
If there are more homes that are for sale than buyers out there, then you won’t be able to get the maximum cost for your home. This will bring the price down because the sellers have their pick of homes.
However, if there are more buyers than there are homes, this leaves a competitive market. This is when buyers will start offering cash, offering over asking, and making negotiations just to try and find a home.
You can figure out whether you’re in a buyer’s or a seller’s market by looking at the average rate that homes sit on the market. If homes in your area are selling faster than the average days on market for your area, then you’re likely in a seller’s market.
When you’re looking at other home listings, you should also check the home price appreciation for homes that are similar to yours. This will tell you how fast homes are rising. If the prices start increasing dramatically, the buyers could be willing to pay more for your home.
Boost Your Curb Appeal
Another way to improve your profit is to make your house look appealing from the outside. If your home’s yard is run down or the outside of your home needs a fresh coat of paint, buyers may already have a bad impression of your home before they even walk inside.
There are a few simple things you can do to boost your curb appeal that isn’t going to break your bank. For example, you could buy a new door. You can often find these for less than $1,000, and they can really add to the aesthetic of your home.
You could even try pressure washing the sidewalk and the driveway. Try trimming trees and hedges as well as planting a few new flowers.
Do Minor Renovations
Minor renovations can also really help to boost your home’s value. You can find home improvement value calculators that will let you know how much an improvement would boost your home’s value when you try and sell it.
However, the project will depend on what the market is like and what trends are in the home’s value.
If your home is less expensive than doing a kitchen remodel or adding a new bathroom might help to improve the value of your home. But if you have an expensive home, adding wooden floors or pools might help you get more money when you sell.
When you finally list your home on the market, you’ll likely get different offers, but keep in mind that you can negotiate. You have a right of first refusal, and you can take the best offer for your home.
However, as a courtesy, you might want to let other buyers know that you have other prospective buyers and multiple bids. You can even tell your real estate agent to tell the buyers that they need to have their final and best bids in by a certain time.
However, keep in mind that the highest price might not be the best deal. Look at other factors like the home inspection, appraisal, financing, and the sale of the buyer’s current home.
Learn More About Selling a Home to Make a Profit
These are only a few things to know about selling a home to make a profit, but there are many more things to keep in mind.
We know that selling a house can be stressful and overwhelming, but we’re here to help you out.
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