Six Things to help maximize the money you get when selling.

If you’re like us, you have moved a few times. When we buy a house, we select it based on various considerations. However, we usually don’t think much about having to sell it in the future. That’s because we are more focused on how to convert our purchases into our homes. Besides, to quote Yogi Berra, “Predictions are hard, especially about the future.”

Every house has a buyer, but sometimes that buyer is hard to find. You increase your chances of finding a buyer by doing the right things. Some of these are things you must take responsibility for and do yourself.

It would help if we considered the resale of a house when we first purchased it. The primary aspect of a house is location. That cannot be changed, so it’s essential. Given that the location can’t be changed, what can a potential seller do to maximize their property’s desirability? Here are six steps you can take:

1. Condition is critical. Pretend you’re going on a blind date. When you first meet the other person, their hair is a mess. They’re wearing dirty clothes. Their shoes are scuffed; to top it off, they have breath that would stop a vulture at twenty paces. You’re not going to be enthusiastic, to say the least. Now, change this scenario to that of a potential home buyer. The outside needs paint, the lawn is uncut, rusty hinges and hardware are on the front door, and the inside smells yucky. You get the picture. We run into people who don’t have the time or the energy to do essential maintenance. Sometimes, they don’t have the money to spend on fix-ups. If you are short of time or too stressed, leverage yourself by hiring help. If you are short of funds, fixing up your house so that it sells for more is a good use of your time. Paint, possibly recarpet, and, above all, clean.
2. Spend the time to understand the current real estate market. Don’t over-rely on publicly available data from online sources since it may be outdated. Go to open houses in your area and compare their features and conditions with your property. Remember that nearly every house in a regular market will be priced slightly over where it is expected to sell. The time spent studying these factors will help you understand your competition. That is important because all real estate is local in nature. A nice house in a run-down neighborhood will sell for less than it would in a great neighborhood.
3. Check on mortgage rates. Chances are, your buyer will finance it. If rates are going up, it may make your home less desirable. You might find that reducing the price or offering a mortgage rate buy-down is needed to attract a buyer.
4. Make a mental shift in how you view your house. Once you have a For Sale sign in the front yard, your property is no longer your home; it becomes a product on the market. Like all products, it must be displayed to best advantage and easily viewed. If you can only show your house on Thursday afternoons because that’s the day you get off work early, and you have to be home to restrain your three pit bulls, you’ll need help selling.
5. Here’s a second mental shift to make. You might be tempted to sell your house by yourself. Don’t. While it’s true that some people are successful at this, others get into bad situations due to a lack of knowledge. It’s a good rule for you to do whatever you do to make money and hire people to do the things you don’t know how to do. Your time is better spent. Hire an experienced Realtor to sell your house for you. They have the expertise, and they will help you maximize your outcome. If you are still reluctant, consider the old truism that if you think a professional is expensive, wait until you hire an amateur. If you try to sell by yourself, you’ll have to advertise your house yourself. When you contract with a Realtor, you can consider that one-half of the commission you agree on with them is marketing money earmarked to attract a buyer. Your Realtor will earn their fee by handling every aspect of the sale and helping you avoid problems that may not be apparent to you.
6. Finally, here’s a third mental shift. You have a relatively firm notion of what your house is worth. The shift is that you must understand that the local market determines your property’s value. It doesn’t matter how much you paid, how much money you spent on upgrades, or how much money you need to make that move. The actual value will be determined by how much a knowledgeable buyer will spend. That presumes the buyer knows the local market and understands how much house their money will bring. You’re competing against all the other reasonably similar properties, and you must take first place with at least one buyer. The takeaway is that your Realtor will recommend a price and may eventually recommend reducing that price. Their advice is based on, hopefully, lots of experience, so listen to them.

Our experience has shown that following these suggestions will help you have a good result when selling.

Look for other blog posts on our site dealing with other aspects of selling and buying.

Namaste!

Questions? Contact Sally and Eric Martell – Medway Realty, Inc.

407-947-3617 or 407-947-3618

Mailto:VeniceProperties@Protonmail.Com