Sellers are keen to maximize their profits when selling their homes. Due to remote work, buyers have altered their expectations about what a home should look and feel like. It is impossible to predict the future, but the current effect they have on the market is evident. Here are some selling tips:
Here are some tips to increase your profit margins on your home sales
These are just some of the options available to maximize your home-selling strategies.
Use a discount broker
This tip is number one because it’s the most straightforward. First, let me tell you what a discount broker looks like. Traditional real estate agents charge a 6% commission to list homes. This commission is a 3% commission to the listing agent, and a 3% to the buyer’s agents.
While discount realtors can do the same things as traditional agents, their listing fees are significantly lower. For example, you will only pay 3.5% total commission if your realtor charges a 1% listing fee and a 2.5% buyer’s agent commission. This means you can save as much as $8,750 when selling a home worth $350,000.
This is almost $9,000 more in your pocket, and you didn’t even have to choose a discount brokerage.
The right listing price
It can be hard to determine the right price for your home. Not only do you want to make the most money, but also to attract potential buyers so that your house can be sold quickly. This step can be assisted by a professional agent. You can use a comparative market analysis (CMA) to see the prices of comparable properties in your local area.
The closing costs of comparable properties, also called comps, are another way to determine the listing price. These statistics will not only show you the listing price of homes but also tell you how much they are selling for.
If you list your home too low, you could lose money. On the other hand, listing your house too high could make buyers resentful. Successful sellers don’t feel emotionally attached to their decisions. Everyone believes that their home is the most valuable. However, sellers who feel emotionally attached to their homes tend to overprice them, leading to slower sales.
Landscaping
According to SFGate, well-landscaped homes can sell for 5.5%-12.7% higher than those without landscaping. Of course, this means you will have more money in your pocket.
At a minimum, ensure your home has a clean lawn and a well-maintained patio. These small efforts can make your home more appealing to potential buyers.
Repairs
While you don’t have to hire an inspector to inspect your home, it’s a good idea. Before listing, it is a good idea to have an inspection. It can prevent potential problems for first time buyers. In addition, this can help speed up the closing process by being in a position to make any repairs before it is too late.
No matter if you opt for an inspection, any potential repairs should be addressed. Even small repairs can make all the difference. In addition, it can make a lasting impression on someone who visits your home and notices small issues. They may also wonder what else might be wrong.
Home staging
According to the 2017 Profile of home staging by the National Association of Realtors 77% of realtors think it easier for buyers to see a staged property as their future home. The average cost to stage a house is between $2,000 and $2,400, according to Realtor.com data. You can also hire a professional real estate agent to help you with this task.
According to the report staging the living room was the most important. Next came the master bedroom and the kitchen. This topic is also covered in many excellent online articles.
Summary
These tips can help you make more money selling your house. In addition, these tips may help you avoid common errors sellers make. You can make more money by choosing the right realtor and planning well.