When you’re selling your house, you’re looking to get the best return on an investment you made many years ago. Naturally, you’ll be trying to get the highest possible offer on your home, but, unfortunately, that’s easier said than done.
It’s essential to do your research before making any decisions. Here are five things that you should know about getting the most money for your home.
Choose the Best Home Listing Method
There are several different ways you can list your home for sale. According to an article isoldmyhouse.com wrote, each one has its own set of pros and cons, and some of them can help you get more for your house than others. Let’s take a brief look at a few of your options:
Traditional Real Estate Agents
A traditional real estate agent has access to professional marketing tools and has a significant amount of experience selling homes. Buying or selling a home with a trusted realtor like Alex irish and Associates is the best way to get the most from the sale of your home.
Flat Fee MLS Companies
There are certain similarities between Flat Fee MLS listings and listing your home as FSBO. Although it will cost you a small fee, most of the work still rests on you, the owner’s shoulders. Many sellers don’t list with a flat fee MLS as you will usually net less money not more.
For Sale By Owner
Selling your house yourself might mean that you’ll be saving a lot of money on commissions and fees. However, it might take a lot longer to make the sale if at all, and you won’t be able to spot a bad deal as quickly as an agent can.
Which One Is the Best?
Selling a home is a complicated process fraught with pitfalls that can cost a naive home buyer or seller more then they bargained for. The best route for a smooth, uncomplicated sale of your home is to to entrust the entire process to a professional real estate agent.
Understanding the Local Property Market
Researching and understanding your local market is critical before you decide to sell your house. To get an idea of how the property market is doing, you can try to gauge the average “Days on Market,” or DOM, for similar homes in your area.
For example, if houses are selling quickly, it probably means that there’s a strong demand for homes like yours. That’s called a “Seller’s Market”. You should also try to get information on local property prices. If the values are going up, it means that buyers are willing to pay more to live in your area.
Understanding these trends will help you decide if it’s an excellent time to sell, what your property may be worth, and how long you can expect to wait before getting an offer.
Choose the Best Time to Sell
Understanding the property market will give you a much better chance of spotting the perfect time to sell. The prices in your area might be affected by seasonal trends or local developments.
Aside from the property market, it’s also important to consider your finances. Do you have enough to pay off your mortgage? Can you cover the cost of selling and moving? Consider all these questions carefully before you list your home for sale.
Set the Right Price
Before you can set a price, you’ll need to understand the local real estate market. You’ll have a better idea of your property’s value once you’ve done some research. If you’re still not sure, it’s best to get an assessor to give you an accurate estimate.
If you underprice your home, you risk losing a portion of your initial investment. On the other hand, overpricing your home means it might not sell. If you start lowering the price, it’ll create the impression that there’s something wrong with the property, causing potential buyers to lose interest.
The Highest Offer Isn’t Always the Best Offer
Always look at the contract first. If you receive a high offer, it’s only natural to want to accept it as quickly as possible. However, these bids may often include contingencies and terms regarding home improvement in the contract.
If you don’t meet the terms, the sale is forfeit, leaving you high and dry. Consider each offer carefully – and thoroughly – before making a final decision.
Selling your home can be a stressful experience, and it’s only natural to want the best possible offer you can get. Consider your selling methods, the local market, and price trends before deciding on a price or listing your home. Keep in mind that the highest offer isn’t always the best and read any contract or agreement thoroughly before agreeing to anything.
By following these steps, you’ll significantly increase your chances of getting a better price for your house.