A lot of homesellers are under the misconception that the best way to get the most for your home is to accept the highest offer, and that’s it. To get to the bottom of how to get top dollar for your property, let’s examine 5 ways to maximize your profits when selling your house in 2021.
Hire an Agent
The very first thing you should always do to begin buying or selling any property is to hire a qualified and experienced real estate professional.
We recommend meeting with no less than three agents to go over all of the details of your home and get a decent sense of how they will operate and communicate with you. This is the time to ask any questions you may have, and remember that you’re looking to hire the agent, not the other way around.
Not all agents are created equal, and finding the one that will put your interests first while doing everything they can to match you up with the perfect buyer is exactly what you need.
Few things can tank a home’s sales viability faster than it hitting the market with an impractical listing price.
Even if that same home’s price is cut considerably over the course of months on the market, this will only raise more eyebrows from potential buyers who wonder why that price kept falling so much over time. To avoid these pitfalls, do your research for local neighborhood comparables, or neighborhood comps. You can accomplish this by looking at the final closing prices of relatively similar homes in your area that sold over the last few years.
This will provide you with a good working knowledge of what both buyers and sellers expect from home prices in your area.
Handle Basic Repairs
Most home sellers recognize that thorough cleaning is part of getting your home ready for market, but completing some of the cheaper, easier repairs will help you maximize your profits substantially.
Depending on the type of loan your buyer is receiving to finance the purchase of the property, there could be strict accessibility and condition requirements. If you have been delaying replacing a malfunctioning light fixture or installing a missing stairway banister, this would be the time to accomplish those tasks.
Besides fulfilling some loan requirements, these actions are likely to avoid possible contingencies through negotiation.
Upgrade for ROI
There are those that believe the best way to get the most you possibly can when selling your home is to upgrade everything, make it perfect, and watch the offers come flooding in.
The problem with this theory is that you’re spending time and money to make those upgrades a reality, and you are unlikely to recoup the costs after everything is said and done. If you feel you need to make some updates, focus on smaller bits that can add up to freshen up the big picture.
Great examples of quick and easy upgrades include replacing old cabinet pulls, painting the front door, and installing some inexpensive, solar-powered landscape lights.
Consider All Facets of an Offer
As we stated before, simply accepting the highest offer does not mean you are choosing to take the best offer.
Contingencies play a major role in helping to determine which offer suits you best and should be taken into account. They can include a bunch of different details, including requests for repairs, the timeline for closing, offers or requests to pay for certain inspections or services, and offers or requests to pay for closing costs.
As you have likely assumed, these details can quickly add up, and cause an offer with a higher buyer price to total substantially less once the contingencies are included in the overall equation.
Professional Partners to Maximize Your Profits When Selling in
Selling your home and trying to maximize your profits doesn’t have to be hard if you contact our team at 866-593-7012 today!