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How To Get More Money For Your Home When You Sell
Show Well, Sell High
Most home shoppers don't want to cope with even minor fix-ups. Anything you can do to get your home in tip-top condition will contribute to a quick sale at maximum price. Here are some things to do before posting the for-sale sign:
Clean, paint and repair where necessary. Stick with traditional paint colors such as whites and grays. Tidy the yard and keep the lawn trimmed for Maximum "curb appeal" Add a well-placed bench, artfully positioned flowerpots or even a tree swing Install outdoor lighting to give the driveway and entry a more inviting look at night Clean and inspect the chimney Replace loose or missing roof shingles Re-seal an asphalt driveway, clean and concrete one Keep the garage door closed Clean and straiten gutters Store RVs, boats and "project" cars elsewhere
Again, clean, paint and repair where necessary. A good place to start is with carpets and window coverings. Choose neutral colors. Remove clutter to maximize the feeling of space in every room Consider putting some of your furniture in storage to create a more spacious look Hide personal items which make it harder for potential buyers to imagine theirs in your home Brighten dark rooms with natural light if possible. Turn on lights even in daytime when showing the house. Keep place-settings on your dining room table Re-stain or polish wood cabinets and replace out-of-date or worn knobs Eliminate signs of cracks, leaks or dampness in the basement Replace any cracked or missing tiles, plaster or windowpanes Check all plumbing and repair any drips Display crisp, bright new towels and shower curtains in bathrooms What about remodeling?
Few remodeling projects have a 100 percent or more rate of return on their cost. For example, a minor kitchen remodel can return as much as 102 percent of its investment. On the low side, while landscaping improvements may improve your home's curb appeal, they have traditionally proven to be poor contributors to a home's market value. In most cases, it makes more sense to save your remodeling money to put into your new home. Don't gamble on potential buyers agreeing with you on the need or premium for major remodeling. If it is your intent to sell with the maximum amount of dollars in your pocket, limit remodeling to cosmetic improvements.
Maximize your Home's Market Exposure
The likelihood of receiving favorable offers increases when your home is exposed to more of the marketplace. A good marketing plan will utilize advertising media selected to target a maximum number of the best prospects. Basic yard signs are credited for as much as 20% of a home's showings. A sign also offers the opportunity to include an information box to provide lookers with selling features of the home. Newspaper ads have mixed results. In most areas, ads generate a lot of calls for real estate agents but statistically have little effectiveness at selling a specific home. The Internet is an exciting new tool which can expose your home to buyers coming in from other parts of the country. The local Multiple Listing Service is the best way to provide information about your home to buyers in your area who are shopping with the help of an agent.
Get the Price Right
A good price strategy will minimize the amount of time your home is on the market. The right asking price will help attract more potential buyers which ultimately leads to better offers and higher selling price. Overpricing is the single most common reason homes don't sell. Homes that sit on the market months after month create anxiety on the part of sellers which often results in downward pressure on their ultimate selling price. Plus, buyers are wary of houses which have been on the market for a long time. You can avoid this pitfall by taking an objective "market-based" approach to pricing your home. Asking a professional real estate agent (like us!) to prepare a comparative market analysis of recently sold homes in your area is a good place to start. An agent's report will include closing prices on recently sold comparable homes. The report can also provide:
an analysis of current market conditions a recommendation for any offer incentives an estimate of your net proceeds from the sale Generally, an asking price should be only about five percent above what you need to net on your sales. Your local real estate professional can provide more information about price strategy and winning negotiation techniques.
Final Tip... Hire a Pro!
There are a variety of ways in which a real estate professional can help sellers. Getting top dollar at the closing table is the most popular. A National Association of REALTORS® study determined that sellers can realize as much as 10% more on the sale of their homes when they rely on a professional agent to handle all aspects of their transaction. In addition, professional agents regularly save sellers money by helping them avoid legal pitfalls, not to mention lost time when things go wrong. As a local real estate professional, I can show you how to save time and money when selling your home!