Work with a local expert
You’ll benefit from professional help and guidance to get the most out of your home’s sale. And with changes happening much faster than normal, it’s even more important to work with someone who understands the local real estate market.
An expert can help you navigate the laws, customs, and marketing of a home sale and can help you make the right decisions.
Time your sale appropriately
The time of year you list your home can affect what it sells for. Traditionally, the best time to list a home is in early spring.
However, the pandemic shutdowns changed the timing. Because there were fewer buyers, it offset the smaller supply of homes for sale and prices remained fairly stable. With mortgage rates still near all-time lows, some real estate markets show signs of increased activity.
At the same time, banks are tightening lending guidelines. FICO score and down payment requirements have increased, and lenders are scrutinizing borrowers more thoroughly.
Set the right price
Figuring out the right price to list your home is most important to attract buyers and sell quickly, but it can be tricky.
The most successful sellers think of the home selling process as a business decision. Sellers who are emotionally invested in their home tend to overprice and take longer to sell.
Make essential repairs
A pre-inspection can help preempt potential negotiation points for buyers. Being able to make necessary repairs in advance can also expedite the closing process.
Be prudent with upgrades
Be sensible with the money you invest into upgrading your home prior to selling it. A local real estate agent will help you balance what you spend on upgrades with what the market will return a good investment on.
Remodeling Magazine report looked at the return on 22 remodeling projects across 101 U.S. real estate markets. With only a handful of exceptions, almost all of the renovations cost more than they recouped upon selling.
Think about curb appeal
You only get one chance to make a good first impression, and making inexpensive cosmetic improvements to the exterior of your home can have a big impact.
Read full article here: https://time.com/nextadvisor/mortgages/how-to-make-most-money-selling-home/