How to get the most value when selling your home

How to get the most value when selling your home

Selling your home can be quite an emotional process. When selling such a precious family asset, it’s only natural to want to get the most value possible. After all, you only get to sell any given home once. However, getting the most value when selling a home can be easier said than done. Sometimes, things like market factors and a lack of essential repairs and maintenance create a real obstacle to potential buyers. Getting the best deal when selling a house is all about making your home stand out – while spending as little additional time and money as possible. Keep reading to find out how to get the most value when selling your home.

How to get the most value when selling your home

Getting the most value when selling your home comes down to a variety of factors. To guarantee the best deal possible, you will need to make your house stand out in a competitive market, all while spending as little money and time as possible. Therefore, it’s best to understand local trends in your market, the total cost of selling a home, and the best method of selling to meet your goals. The highest offer won’t always leave you with the most money, and you won’t always recoup the costs of major renovations.

Work with a local expert

The average homeowner may buy or sell a house only a few times in their lifetime. So unless you’re a real estate professional or investor, you’ll likely benefit from professional help and guidance to get the most out of your home’s sale. And with changes happening much faster than normal, it’s even more important to work with someone who has their finger on the pulse of a given community’s real estate market.

Time your sale appropriately

When it comes to getting the most value when selling, the timing of the sale is vitally important. This is because the time of the year you list your home can affect everything from the price it sells for to the time it spends on the market. However, the pandemic shutdowns threw a wet blanket on the market at the time of year when the real estate market usually begins to heat up.

Set the right price

Figuring out the right price to list your home at can be tricky. You want to make the most money, but also attract buyers and sell your home quickly. This step is where a good agent is essential. Having your agent complete a comparative market analysis (CMA) will show you what similar properties in the area have sold for recently. If you list your home too low, you risk leaving money on the table. Come out of the gate too high and you might scare off buyers.

Make essential repairs

Making essential repairs is vitally important. Firstly, if the house is in great working order, you can command a higher sale price. Secondly, making essential repairs beforehand means fewer sale contingencies and perhaps even shorter settlement periods.

Be prudent with upgrades

You should be sensible with the money you invest into upgrading your home before selling it. Leaning on the advice of a local real estate agent will help you balance what you spend on upgrades with what the market will return a good investment on.

Add value through function

When preparing a home to sell, it is important to look at the functionality of your home. Today’s buyers are willing to pay more for properties with a home office space and maybe even a fourth bedroom.

Understand the local market

Buyers in different areas have different likes and dislikes. To get the most value, a real estate agent can advise on local trends, helping you decorate or market to the audience that will pay the most money for your home.

Negotiate the best offer

It is tempting to accept the biggest offer. Yet, the most value for money offer is often the offer with the best terms. For example, you don’t want to sell your house to the highest bidder and vacate in seven days, especially if you are yet to purchase another home.

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