Three Insider SECRETS That GUARANTEE You Make The Most When You Sell Your Home!
Unless you’ve been living under a rock the past couple of years, you’re probably aware that the real estate market here in Utah, especially along the Wasatch front, has been experiencing sharp increases in sales prices. In fact, home prices are at an all time high. That sounds great, if you are a seller, but can be problematic if you are looking to buy. In this Blog entry, I’m covering what you can do to make sure you get the most money possible when you are ready to sell your home.
DON’T BE FOOLED BY (UN) Reality TV!
Millions of viewers have made home improvement shows their go-to for viewing pleasure. I get it! They feature good looking ‘regular folks’ that do what so many others dream of; find something ugly and make it pretty. They act as if selling a house is a big beauty contest. While the condition and overall appeal is important to what a home sells for, I’m assuming that most sellers don’t have a small fortune tucked away to spend on fancy remodels and additions. I’m talking to the people that need to maximize what they already have, what they’ve been taking care of for 2,5, 10 years or more. So here it is, my TOP 3 Secrets that GUARANTEE you make the most when you sell your home!
#1- List Price
When selling your home, it’s crucial that you take off your ‘home-owner’ hat and start thinking like a buyer! So when you are buying a home, how do you act? First, you make a list of items that you absolutely MUST have, like bedrooms, bathrooms, general size. Then, you pick a preferred location. You may even go drive by some homes and pull flyers and call some real estate agents. But before you do ANYTHING, you’ll decide how much you can spend. That will determine how you’re going to look. By price.
So if buyers are looking based off of PRICE, how should you act as a seller? If you want to reach the most number of buyers, price is the MOST important item. So when determining how you will price your house, ask yourself this question: Do I want everyone interested in my house? Do I want to open my house to the entire buyers market that are looking right now? Or do I want to narrow it. If it were me, I’d want as many potential buyers, as possible, to see my house for sale. In theory, the best way to do that would be to hold an auction for your house. Auctions work because they get all potential buyers in one place, then let them all see what the others are willing to pay. The same thing can work as a home seller, you just have to know how to pull it off! The first trick is to price your house slightly below market value. Talk to your agent about that. It’s been my experience that you are never in danger of selling your house for too little. The market will tell you what your home is worth. Just be patient, and don’t act too quickly when you start getting offers. That brings us to the second secret…
Right now we are in the middle of a SELLERS market in most of the Wasatch Front. That means there are more buyers than there are properties to buy. That’s great news if you’re a seller! But we’re talking about maximizing return! So again, think like a buyer! When is it that MOST buyers are shopping for homes? In the majority of my experience, it’s evenings and weekends, and weekends make up the majority of the shopping time. SO, if that’s true, and you want to expose your property to the highest number of buyers as possible, get your house ready to be listed right before the weekend, price it right, then just sit back and watch what happens.
In this market, most houses are leaving the market, under contract, in 3 weeks or less. If possible, try to pick a time when buyers are most likely going to be out looking. Avoid big holidays, like Memorial Day, July 4th, and Labor Day, if you can. Talk to your agent about the ups and downs in your particular neighborhood. Which brings me to the 3rd secret…
#3- Hire the RIGHT Agent-
I know, you think my bias as a real estate agent is coming through here. You’re right. I watch people give up tens of thousands of dollars by making a wrong choice. Right now, people selling their home For Sale by Owner are, on average, selling their homes for significantly less than the same house sold by a real estate professional. Now, I know what you’re thinking… not all Realtors qualify as a professional. You probably have a point. So take some time. Find out what your potential agent has to say regarding pricing, timing, and what their strategy is to get you TOP dollar for your home. I would never talk bad about another Realtor, but it goes without saying, not all real estate agents are created the same. Make sure your agent has a plan, and a proven track record. Just because your mom’s cousin’s nephew’s daughter just got her real estate license doesn’t mean you should trust her with maximizing your return on the sale of your home. Hire a professional that can prove to you they know what they are doing.
So there you have it! Our very first BLOG entry authored by Tru Agency Real Estate. If you like this, please share it. We’ll be sharing more insider secrets every week, so be watching for more information as time goes on. Until next time…