After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
The house buying market is ever-changing. When you are selling your home when there is great buyer demand, you can often get a larger profit by having less competition on the market. When it's a buyer's market, this typically means home mortgage interest rates are at a low and sellers have houses for sale in greater quantities, giving buyers greater options. The more options that a buyer has, the less a seller can control what they sell their home for since a buyer can simply move on to the next available home if they don't like your final asking price. While this can sound negative, the opposite can actually be true: in a buyer's market there are ample buyers eager to buy a home, including yours. If you want to get the most out of selling your home, follow these tips to make the most profit for your initial investment.
Keep your expenses low
If you want to get a greater profit out of your home, you may be thinking that adding a few upgrades to make it more unique and appealing to buyers is the wisest choice. The reality is you are simply just putting more money into your house that you won't be likely to recoup in a competitive sale. Rather than invest in major upgrades, keep your spending small by hiring painters to repaint walls a neutral color or spending to have your lawn hydroseeded to make your landscape more appealing. The less you spend to make your home show-worthy, the less you need to get back by pricing your house accordingly.
Be realistic with your asking price
A common rule for listing a home for sale is to place the highest value on the home to sell it and then taking the closest offer. When it's a buyer's market, you have less wiggle room for negotiations and can turn buyers away by asking too much for your home to begin with. Battle this by placing your home on the market at a rate similar to what other homes are selling at, not what they are listed at, so you can increase buyer interest right out of the gates and avoid costly negotiations that drive your profits down. Your real estate agent can help you determine what the realistic asking price is for your home so you can create your listing accordingly.
Remember to always list your home's most attractive points when putting it on the market, such as its upgraded landscape, newer kitchen fixtures, or the finished basement. Even if you don't make as much money as you would like to, you can sell your home quickly which can save you money in continued mortgage payments and other expenses in the long run.Share