While we might love our homes, there are often times when we need to move to another house. This could be for a new job, to better accommodate a growing family or many other reasons. In order to secure the money for another home, you will often need to sell your last one before buying a new one.
But with more than 6 millions homes sold each year in the USA, there is a lot of competition in that space. However, not only do you want to sell your home but you also want to get as much money as possible from the sale. This article is going to take a look at a couple of helpful tips when it comes to getting more money from your next home sale.
Make Sure the House is in Good Condition and Functions Properly
In the real estate market, some people will sell their home as a “fixer-upper” or a work in progress. However, the homes that fetch the most money are ones that are ready to move in immediately and are fully-functioning. So if you want the most cash, it makes sense to ensure your home is in pristine condition. It should be clean, any scratches or holes should be fixed and the paint should be nice. The outside of the home should be on point as well, as first impressions are incredibly important.
In addition to making sure it looks good, ensure all the inner workings of the home are sound. The plumbing should be working as expected, you should be sure to maintain your heating system and make sure all electricity and wiring are correct. Of course, be sure to weight the costs of these fixes or renovations against the sale price of the home. Sometimes it is worthwhile to make these repairs and fixes. But other times, it may make sense to just lower the cost of the home a bit during a sale.
Be Aware of the Market in Your Area and Price Properly
While you want to get as much money as possible, it is also important to be realistic. If you price your home far and above comparable homes, you will have a hard time selling. The sales process will not only be much longer, but you will likely need to drop your price many times to remain competitive. This constant price dropping can also make people think that something might be wrong with the home.
If you are unsure what to price your home at to be fair but still get a good return, learn about the market in your area. There are many different sites out there that can look at average home prices in a certain area. Many can even let you browse individual listings. This will also keep you from pricing too low and losing out on potential money.
Know When to Sell
The time of year that you sell a home can actually have an impact on the price and the entire process. Just like every type of industry, the real estate market goes up and down during the year. While home sales slow in the fall and winter, they really pick up during the spring and summer in most places.
This is generally because more people want to move in the spring and the summer. All of this added interest means there is a lot of competition for great homes during the spring and summer. As a result, prices will generally be higher during the warmer months of the year.
We hope that this blog post has been helpful in teaching you ways to get more money when selling your home.