Not long ago, home sellers had the upper hand as historically low mortgage rates ignited a real estate buying spree. However, that all changed when the Federal Reserve shut down the party by raising interest rates last year.1
In today's market, selling a home is not as simple. During the pandemic, homebuyers were racing the clock to secure a low mortgage rate, whereas current buyers have become more discerning. Elevated home prices and higher mortgage rates have stretched their budgets, making them prioritize cost, condition, and overall value.2
The reality is this: while home inventory remains low, most properties will still sell with basic prep, the right pricing, and a good real estate agent. But if you go the extra mile, you're likely to see quicker sales and higher offers.
If you plan to sell your home and want to maximize your ROI, you've come to the right place. Read on for our top seven strategies designed to attract the best offers and maximize your real estate returns.
1. CONSIDER A PRE-LISTING INSPECTION
Most buyers will get a professional home inspection before sealing the deal, but have you ever thought about beating them to the punch? You can actually order what's called a pre-listing inspection before your home even hits the market.
Doing this has some serious perks. For starters, it shows buyers you're all about transparency, making your home even more appealing. This not only helps in marketing your home but also puts you in a stronger position when it comes to negotiations and smoothing out any last-minute hiccups.3
Now, let's be real: a pre-listing inspection might dig up some issues you weren't aware of. That does come with a bit of a gamble because you'll have to either fix those issues or spill the beans (aka disclose) to potential buyers. But in most cases, isn't it better to tackle those issues head-on rather than deal with them later when they could mess up your sale or delay closing?
If you're on the fence about whether a pre-listing inspection is for you, we've got your back. Should the inspection raise any red flags, we can recommend what needs to be squared away before you list your home.
2. THINK ABOUT MAKING STRATEGIC UPGRADES
Going all-out with major renovations before selling your home may not be the wisest move for your wallet or your schedule. But guess what? Some targeted upgrades can seriously pay off and make buyers do a double-take when they see your listing.
For instance, did you know that refinishing your hardwood floors could give you an astounding 147% return on investment when you sell? Or that new garage doors almost pay for themselves.4 And get this—professional landscaping could up your home’s value by a whopping 20%.5
But hey, you don’t have to break the bank to impress buyers. Little touches like a new coat of paint in a chill, neutral color, updated light fixtures, or even some fresh caulk around the tub/shower can work wonders for your home’s overall vibe.5
If you're scratching your head about which upgrades are worth the dough, don't sweat it; we can help guide you on which investments will give you the most bang for your buck.
3. CONSIDER BRINGING IN A HOME STAGING PRO
Want to make buyers swoon over your home? You’ve got to help them picture a life there, and nothing does this better than some skillful home staging.
Here's what’s involved: we're talking decluttering, packing away those cherished family photos, and sometimes even bringing in some stylish, neutral furniture for the grand tour during showings and open houses.
Still not convinced? According to the National Association of Realtors (NAR), staging isn’t just for show. It can actually bump up the value of the offers you get and help you seal the deal faster. Get this: 53% of sellers' agents say a staged home spends less time on the market, and 44% of buyers' agents report higher offers for these beauties.6
Staging is more than just putting a pretty face on your home; there's real science and strategy behind it. If you're not sure about taking the staging plunge, we're here to chat about your options and can point you in the direction of some reputable home stagers who can help your property look its best.
4. HAVE A SMART PRICING STRATEGY
Okay, we all want to make top dollar when selling our homes, right? But here's the catch, this approach can backfire: listing your home for an astronomical price might make it sit around collecting dust instead of offers. That's not a good look, and it can actually drive down the price you'll eventually get.7
On the flip side, if you price your home just right—meaning at or a tad below market value—yours might be the gem that buyers discover in their budget range. That often leads to a quicker sale and possibly even a bidding war. Cha-ching!
To ensure we hit that pricing sweet spot, we'll run a Comparative Market Analysis (CMA). Consider it the “What are homes like mine selling for?” report. This helps us set a listing price that's based on what similar homes in your area recently sold for.
Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with our local market insights, we'll help you pinpoint that ideal listing price. One that'll get those offers rolling in while still padding your wallet.
5. SWEETEN THE DEAL WITH BUYER PERKS
Let's face it, who doesn't love a little extra something-something? When you're competing in a market where many buyers are struggling with affordability and concerned about their monthly payments, offering some juicy incentives can make your home stand out like a diamond in the rough. Trust me, it can make all the difference.
So, what goodies are we talking about? Well, here are a few ideas:
- Buy Down Their Interest Rate – Imagine offering to lower the buyer's mortgage rate for them. It’s like gifting them savings every single month for years! This little move can actually be more valuable to the buyer than just slashing the home price.8
- Help With Closing Costs – Think about covering some or all of the buyer's closing costs. It's like handing them a discount coupon as they walk through the door.
- Cover HOA Fees – If your home comes with pesky HOA fees, offering to cover them for a set period of time could be the cherry on top of a great deal.
- Throw In Some Extras – Got a killer washer and dryer or some snazzy patio furniture? Offering to include these can make your home extra irresistible. Plus, it saves you the hassle and cost of moving them—talk about a win-win!
Navigating the world of buyer incentives can be a bit like a treasure hunt—fun but tricky. No worries though, we're here to walk you through which perks could make the most sense for your situation.
6. LEVEL UP WITH A KILLER PROPERTY MARKETING STRATEGY
Say goodbye to the days when a simple “for sale” sign and an MLS listing would do the trick. In today's competitive market, you need a next-level marketing strategy to make sure your home gets the eyeballs—and offers—it deserves.
Here's the deal: if buyers don't know your house exists, they can't very well make an offer, now can they? That's why we kick things off with a targeted approach. We identify who's most likely to fall head over heels for your home, position it like the gem it is in the market, and shout its unique selling points from the digital rooftops.
But we don't stop there. We use a multi-channel strategy to reach potential buyers wherever they are—online, on social media, you name it. Plus, we keep tabs on how well we're doing through performance metrics, so we can keep fine-tuning our game.
Want to see how our proven marketing strategy can amp up your home sale? Let's chat about how we can drum up the kind of interest that turns into irresistible offers.
7. PARTNER WITH A DILIGENT, DATA-DRIVEN AGENT
Selecting the right real estate agent isn't about looking for someone who's been in the area for decades; it's about finding someone who has the tools, adaptability, and keen market sense to sell your home effectively.
We employ the latest in market analytics and comparison tools to help you set a competitive price for your home. By keeping an eye on real-time data and emerging market trends, we aim to set a price that meets current market demands, ensuring your home doesn't sit idle.
While we may be newer to this specific area, our adaptability and commitment to understanding local nuances puts us in a unique position to serve you effectively. Plus, our network of real estate professionals amplifies your home's visibility, reaching potential buyers far and wide.
Just a note: In 2021, the median price for homes sold by their owners was $225,000, whereas homes sold with an agent saw a median price of $330,000.9 Teaming up with an agent could be your key to maximizing your sale price.
LET'S GET YOUR HOME SOLD!
Eager to secure a fantastic offer on your home? Our comprehensive strategy is designed to help you make the most out of your real estate transaction. Contact us today for a complimentary home value assessment and a tailored sales plan to kick things off.
The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
Sources:
- U.S. Bank –
https://www.usbank.com/investing/financial-perspectives/investing-insights/interest-rates-impact-on-housing-market.html - National Association of Realtors –
https://www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf - Bankrate –
https://www.bankrate.com/real-estate/prelisting-inspection/ - National Association of Realtors –
https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf - Bankrate –
https://www.bankrate.com/homeownership/landscaping-increase-home-value/ - National Association of Realtors –
https://www.nar.realtor/infographics/staged-for-success - The Balance –
https://www.thebalancemoney.com/looking-twice-at-overpriced-homes-1798671 - U.S. News & World Report –
https://money.usnews.com/loans/mortgages/articles/a-guide-to-seller-paid-mortgage-rate-buydowns - National Association of Realtors –
https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics
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