The housing market has been red hot this year. With low inventory and low interest rates, housing prices have accelerated rapidly. As of March of this year, Redfin data indicates that housing prices are up 14.4% year over year while housing supply is down 49.6%. What does this mean for you as a homeowner? It might be time to sell. We’ll take a look at a few tips to maximize your sales price while minimizing cost.
- Don’t overdo it. Quick upgrades such as paint, ceiling fans, and cosmetic fixes pay off prior to selling a home. A huge expense such as remodeling a kitchen might not always be the right answer right before putting the home on the market. Typically, such expenses don’t return the full value invested.
- Make the entryway and exterior look great. Ensuring that the entry door, exterior, and walkways look good will pay off in pricing. First impressions do matter.
- De-personalize it. Potential buyers want to imagine what it would be like if they lived there, not see what it’s like for the current occupant. Take down those baby photos and awards and replace them with generic artwork and decor.
- Consider a FSBO or flat fee agent. With inventory so low and the market so hot, you could still get top dollar for your home while minimizing realtor fees. Selling the home yourself, finding a discount agent (Redfin as an example), or using a flat fee agent could save you thousands in fees.
- Ensure that you negotiate due diligence money into the contract. In this market, time off of the market is precious. If a seller isn’t serious about buying the home, due diligence money will ensure that they are.
- Brighten the place up and be cognizant of smell. Yes, you read that right. Open windows make the space feel larger and smell matters. A poor smell leaves a bad impression.
- Negotiate, negotiate, negotiate. This part is key. Pricing the house correctly is a big deal as is negotiating repairs during the due diligence period. A stellar negotiation will both increase the sales price and decrease the cost of repairs prior to sale.
We hope you enjoyed this post. Best of luck to all the home sellers out there! $
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