No one begins the process of selling a home hoping they lose money on the deal. Many factors go into the final sale price of a home, and some of these factors are beyond your control. However, there are small things you can do to help reach your goal (or get as close to it as possible). Below we’ve outlined the top five ways to sell your home for the most money!
1. Understand the financial circumstances
In order to set yourself up for realistic success, you will have to get familiar with the financial side of selling a home. The first thing you’ll want to look into is your local real estate market. What are similar properties selling for? Is your area currently in a buyer’s or seller’s market? Get a decent range on the property values to have a general idea of your initial starting price point. The next number you’ll want to look at is the associated fees that go into selling a property. Depending on who you work with to sell your home, there can be anywhere from a 5-10% drop after commission, closing costs, and repairs/maintenance you’ve done to the property. Once you’ve got an estimated cost, you’ll want to set your home at the right price. It is usually advised to market your home slightly above what your home’s true value is. That way, there is room for negotiations and any surprise concessions the buyer will want you to make.
2. Choose the right time to sell
Above, we mentioned checking into whether your area is in a buyer’s or seller’s market. A buyer’s market means that the price of real estate property is lower. This is usually due to a high availability of properties in the area. Potential investors have more options, so they can shop around a bit more for a better deal. Therefore, buyers can typically invest in a home at a lower price. This is great for the buyer, but not so great for the seller. On the other hand, a seller’s market means the price of real estate in the area is above the initial value of the home. Opposite of a buyer’s market, this is because there is a shortage of available property in the area. There are certain situations where a seller is unable to control when they need to sell. However, if you have the luxury of choice, follow the markets and take advantage of the higher price point during a seller’s market!
3. Consider renovations to add value
After studying the markets and properties in your area, you should have a good idea of what the other homes have to offer. This is the point where you need to look at your home and decide if there are any minor repairs or renovations you should make in order to be competitive. While making these decisions, it’s important to remember that you don’t want to invest more money into the repairs than you anticipate gaining on the sale.
4. Negotiate for the best offer
When you have an interested buyer on the line, you must be open to negotiations. Within the negotiation process, there is more to think about than the price. Sometimes the highest offer isn’t the best offer. Things to consider are the timeline of sale, price of repairs (whether by you or the buyer), and any included items aside from the structure (furniture, appliances, etc.). For example, if you are looking to make a quick, profitable sale, you’ll want a buyer who is ready to move in so you can move on. If you’ll need time to move into your new property, a longer timeline may be part of the negotiations!
5. Determine how you’re going to sell
Although this should be one of the first things you decide, we’ve saved it for last as it is one of the most important. There are a few options for you as you look into selling your home.
You always have the ability to sell a home yourself (for sale by owner - FSBO). In this role, you essentially become the Real Estate Professional. While it’s possible, listing your home FSBO is a complicated, time-consuming process.
There is also the more common, traditional real estate process. You will get your home ready, locate a real estate agent, and have them be your guide as you list, show, and negotiate through the selling process.
And finally, our favourite option, a Sweet Sale! At Sweetly, we follow a new and unique business model. When you are ready to sell your home, our company will purchase it for a portion of the expected resale value. This gives you the financial freedom to move on and find your next ideal property. Once you’ve moved out, we will resell the property and deduct our fee, returning you the balance of your equity in a second payment. A Sweet Sale lets you sell without being listed for sale while living in the home (or you having to do any of the leg-work), and you even get to choose your own moving date.
If you are interested in working with one of our licensed and experienced real estate agents as you prepare to sell your home, reach out! Let us take the stress out of the home sale process. To talk to one of our agents, you can contact us via email at email@example.com or by phone at 780.477.9338. If you have general questions about our process, you can also simply fill out the form on our website. We can’t wait to hear from you!