As market conditions begin to look up for buyers, it leaves many questions unanswered for sellers. One of the most common questions that a new seller might have is, “what do I do now that the market is sliding and prices are declining?” Well, for starters, you want to ensure that your property is priced correctly! Of course, you want to get the most that you possibly can, but the last thing you want to do is cut any corners that may result in big losses.
So how can you be sure that you are maximizing your home sale price? You can take many steps to help improve your property before selling it, which is what we will cover in this article.
Maximizing Home Sale Price
The market is still adjusting and slowly recovering from the pandemic’s economic effects, which is why sellers must make the most money on their homes. Getting the most out of selling your home is all about making your property stand out while spending as little time and money as possible. Does that mean that you shouldn’t spend ANY money on renovations? Absolutely not! In fact, it’s critical that you DO NOT skip out on any renovations or necessary repairs because that can significantly reduce the value of your home. Aside from major home improvements and repairs, there are other things that you can do to impress potential buyers and increase the overall value of your home.
Understand Your Neighborhood
Most investors, buyers, sellers, and even realtors will tell you that location is everything. The neighborhood you live in will significantly affect your home’s overall value when it comes time to sell. When considering upgrades or renovations, look at the other houses or comps in your neighborhood and make decisions based on those properties. If you live in a “nice neighborhood,” but your home is the only one without granite countertops or expensive tiling, it can seriously hinder your profit potential. On the other hand, if you live in a less expensive area, adding such improvements or upgrades can also hinder profits because they simply aren’t necessary.
Stage Your Home
Staging a home is a method that many realtors and independent sellers use before putting a property up on the real estate market. This method will showcase your property’s best assets and is designed to impress buyers and sell for the highest possible price. It should be noted that “staging” a home is not the same as decorating it. Decorating makes it personal to you and staging appeals to the masses–think of when you walk into an IKEA or a furniture store with staged rooms.
Unlike decorating, staging a home requires a bit more thought and strategy, but it will be worth it because you are giving yourself an advantage. Not all sellers go the extra mile to stage their homes–especially homes and properties in lower price ranges– and that can affect the number of serious offers that come your way.
You can stage the home yourself, or you can hire a realtor to do it for you. Depending on the state of your home, it may be more cost-effective to do it yourself. The main areas to focus on are the living room, kitchen, bathrooms, bedrooms, and outdoor living spaces. If you decide to do it yourself, here are some of the best tips and tricks for staging your home:
- Clean
Don’t just make your home look clean; it’s important that you do some deep cleaning before you put your house on the market. All rooms should be carefully cleaned, but the two main areas to put some extra elbow grease into are the bathroom and kitchen. Cleaning lays the foundation for the rest of the staging process.
- Declutter
After you have cleaned your home, the next step in staging your home is to declutter it. Clutter can distract potential buyers from the features of your home and it can also make the space feel smaller.
- Depersonalize
It’s important for potential buyers to envision themselves in your home, and removing traces of family life and keepsakes can help you achieve that.
- Final Touches
If you are having an open house or a showing, there are finishing touches that you can add to your home to really maximize your staging efforts. For example, put fresh flowers in vases, light some candles, and open blinds and windows to show off any natural lighting.
Photograph Your Home
If you put a lot of energy into staging your home, make sure that you have it photographed. If you have a newer phone that takes above-average photos, that should do the trick, but if you don’t know how to photograph a home, you can hire a professional photographer. When it comes to your listing, share only high-quality photos that highlight the best features of your home–you don’t need 100 photos from every angle of every room–remember that quality trumps quantity.
The bottom line is that there are ways to get the most volume from your home, even as market prices decline. The most important things to take away from this article are to not skip on renovations, stage your home, have it photographed, and sell it quickly! Following these tips should help you appeal to the widest range of potential buyers and get the most that you can from your property.
