How to Sell Your House for the Most Money

 

Are you looking to pack your bags and move somewhere new? If so, you want to get the most value from your current home. But selling your house isn’t an easy task. Not only do you have to judge local housing market trends, but also you need to juggle the expenses that come with selling your home. In this article, we’ll cover the ins and outs of home selling so that you can get the best possible sale price.

Make small home upgrades

Increasing your property value can help you raise the sticker price of your home. There are plenty of ways you can upgrade your property without having to empty your wallet. Small fixes can go a long way, and they will put more money in your pocket. You don’t have to gut your kitchen completely. (Yes, you can install granite countertops or new appliances if your realtor says it will make a significant difference. But not every home requires all that.) It’s important to focus on the little things for cost-effective renovations. You can improve the look and feel of your home with small improvements that include:

 

• Adding fresh layers of paint to rooms throughout your home. Stick to neutral and soft colors to appeal to a wider variety of homebuyers. This alone can add thousands to the offers buyers make.
• Replacing small fixtures throughout your home to make them match, such as doorknobs, light switches, outlet covers, and faucet handles. This helps your home look modern and well maintained.
• Sprucing up your yard by mowing, adding flowering perennials and annuals to your garden beds, replacing worn-down fences, and removing unsightly weeds. Eye-pleasing landscaping can add thousands to your home’s value.
• Sanding, repairing, and repainting doors, windows, and cabinets that are dated, discolored, or have scratches and dents. Add new hardware, if possible. This often keeps buyers from wanting to discount your home because it is older.
• Have your carpets and floors professionally cleaned, especially if you have pets, and rigorously declutter your whole house. Clean, fresh, spacious areas have more value to buyers than the identical areas that are full of stuff or have “lived in” odors.
• Upgrade your house numbers so that they’re modern and easily read from the street.

 

These are the types of minor home improvements you can make that will cost money upfront but increase your home’s value even more. To add more value to your home, you can take on bigger projects, such as adding a pool, installing wood floors, remodeling the kitchen, if other homes in your neighborhood commonly have those features. If you’re interested in these significant remodeling projects before you sell, look for financing options, such as a VA cash-out loan or home equity loan, and start making those changes as much as a year before you plan to sell. Make sure that whatever you spend on home improvement is less than the additional amount you’ll earn when your home sells.

Conduct market research

Understanding the market is crucial when it comes to getting the most money for your home. Look at local trends for properties that are for sale in your area. Days on the market (DOM), is a telling factor. If a comparable home has been on the market for months, determine whether it has a problem (such as a cracked foundation) or the wrong price (too high for the neighborhood). Then adjust your price accordingly.

 

If you notice there are a ton of homes like yours for sale in your area, prices will typically fall because sellers are competing for fewer buyers. Conversely, if you’re living in an attractive area with no homes on the market, it can drive your price up as buyers compete for fewer homes.

 

Timing is also imperative. People tend to look for homes during the warmer months when children are out of school and, let’s be honest, no one likes moving in frigid temperatures. Once you find the right time to sell, make sure you have enough equity in your home to pay off the rest of your mortgage, along with closing costs and realtor fees. Otherwise, you’ll have to pay for these expenses out of pocket.

Be prepared for selling expenses

Unfortunately, you can’t sell your home for free. There are many expenses and fees that come with putting your home on the market. Some of them are:

 

• Real estate agent commission, which typically hovers around 5 to 6 percent of the sale price and is divided among the buying and selling agents and the realty companies for which they work.
• Closing costs usually paid through escrow, such as the escrow service, final utility bills, sales commissions, and any outstanding taxes, etc.
• Maintenance and repairs to your home that enables the sale
• Moving costs to your new location
• Home overlap costs, such as mortgage or rent and utilities for two homes at once
• Seller concessions, such as discounts to the seller for a near-term roof or furnace repair
• Staging costs paid to a realtor or interior designer to make your home look magazine-cover-perfect to prospective buyers.

 

If you’re looking to save money on real estate commissions, you can opt to sell your home on a DIY basis without a real estate agent (“for sale by owner” or FSBO). Selling your home yourself can reduce many costs, but it requires a lot of extra work on your end, and you lose the expertise and buyers that a realtor can provide. And if the buyer uses a real estate agent, you will still have to pay the buyer’s agent commission.

Wrapping up

There’s a lot involved in selling a house. To make the most money on your home, use these tips to improve its value while keeping your expenses low. When thinking about putting your house on the market, plan to sell it at a time that will bring the most attractive bids from buyers.

 

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