How to Sell Your House in a Seller’s Market Selling your home in a seller’s market may offer a number of significant advantages over trying to sell it in a buyer’s market, but even in a seller’s market, homes can still languish on the market for a number of different reasons. Even if they don’t
How to Sell Your House in a Seller’s Market
Selling your home in a seller’s market may offer a number of significant advantages over trying to sell it in a buyer’s market, but even in a seller’s market, homes can still languish on the market for a number of different reasons. Even if they don’t they still might not bring in the kinds of offers you might expect. There are certainly things you can do to help your house sell more quickly and at the best price, but they might not be what you expect. Here are 4 things you want to do when selling your home to ensure you are getting the best price – even in a seller’s market.
1. Hire a realtor
While it may be true that finding buyers is not as difficult in a seller’s market, where realtors become worth their weight in gold is at the negotiating table. The actual sales price of your home is a combination of the cash price it brings minus the concessions you will need to make. Realtors are not only experienced negotiators, but they can also help walk you through the details of all the many contracts as well.
2. Do your research
While most realtors are certainly highly knowledgeable, that doesn’t make them infallible. Even if you hire a realtor, there are still a vast number of decisions you are going to have to make for yourself throughout the process. One of the best ways you can protect yourself is to do your own research and understand the market. Then, when your realtor gives you updates, you will be better equipped to make educated and informed decisions for yourself based on the information they are giving you.
In addition to a number of apps that can help you understand market values in your area, there are also a number of finance apps that can help you understand the full financial picture of your sale. Keep in mind, there are a number of fees associated with your sale, not to mention potentially paying off an outstanding mortgage, so apps and other online tools can help you know exactly what you stand to walk away with when all is said and done.
3. Small things matter
In a seller’s market, you have the greatest ability to just put your house on the market “as is” and still attract buyers. While you can certainly do this, keep in mind that simply selling your house is not the goal, the goal is to get the highest ROI. While you may not need to do the kind of overhauling and upgrading people might need to do in a buyer’s market to get the best price, there are a number of things you should still consider doing. Here are some basic things you should still do to sell your home in a seller’s market.
- Paint the front door and trim: The front door is the “portal” to your home and little will add more charm than a fresh coat of brightly colored paint. Here are a few great design ideas for inspiration.
- Power wash the exterior: Having your house painted or installing new siding is unnecessary, but you can also significantly spruce up your curb appeal by simply removing the layer of grime and dust that tends to accumulate over the years between painting or having siding replaced.
- Fix all the little things: You may have grown used to that squeak in the floorboards or the small chip in the bathroom tile, but they also give the impression of a home tha that has not been well cared for. If you were going to sell a car, you would almost certainly take your car in to get it detailed. Consider doing the same with your home before selling.
- Upgrade lighting and faucets: You don’t have to do a complete overhaul of the kitchen and bathrooms, but some simple upgrades like new light fixtures and faucets will go a long way towards giving the kitchen and baths a new, modern look
- Update outdated vanities: Another relatively simple and easy upgrade is replacing old vanities with modern pedestal sinks or just a more modern vanity.
- Reface kitchen cabinets: A pricey kitchen remodel will rarely recoup what it cost you, but if your kitchen cabinets are old or out-of-date, you can also give them an inexpensive makeover by simply refacing them for a fraction of the cost of new ones. If your cabinets are in good shape, you can still give them an upgrade by installing new, modern hardware.
4. Have it staged
When new buyers come to look at your house, you want them to be able to imagine themselves living in your home. This means you want to make it essentially a blank canvas for them to fill in with their own furniture, belongings and possessions. As painful as it may be, you want to strip away all of your own personal taste and style and create a warm, neutral, yet inviting living space for them to picture themselves inhabiting.
While you can do this yourself, you may consider hiring a professional staging company. If you just simply strip away all of your own personal possessions and items, you may leave a stark, blank canvas behind. A professional stager will use furniture and other items to show off the best features of your home, hide the more glaring imperfections and even show buyers creative ways of using the more awkward spaces in your home.