If you have sold a home before, you’re probably quite aware of the fact that it takes more than a bit of advertising to get results. Homeowners who get the best return on their investment keep investing in their properties right up until closing day. As the old business saying goes, “It takes money to make money,” and, there is no exception when it comes to real estate. In fact, homeowners who don’t embrace this truism inevitably find that not putting the necessary effort into readying a home for sale is a one-way path to disappointment.
What isn’t at all avoidable are the many costs which go into selling a home. Sure, you might be able to get away with staging your home yourself, but you won’t get around other expenses. These include the cost of marketing, moving, and other expenses. One cost that some homeowners try to dodge is the real estate sales commission, which typically amounts to 6 percent of the sales price.
Last year, the average For Sale By Owner home, or FSBO, sold for $208,000. If you do a bit of quick math, you’ll soon find that such an average sales price adds-up to a real estate sales commission of $12,500. That’s certainly no small amount, but, the problem with it is that it cost those FSBO sellers a whopping $27,000 in losses. That’s right, because the average home listed and sold by a real estate professional sold for $235,000 last year, according to the National Association of Realtors. What’s more, even if you sell on your own, you’ll still a commission to the buyer’s agent, cutting your savings down to $6,250 and increasing your losses on what you would have gotten from a professionally listed home.
HOW TO KNOW WHEN YOU’RE READY TO SELL YOUR HOME
The question many homeowners ask when considering selling their properties is about the timing. The answer, of course, usually lies in their equity. If there’s substantial or enough equity to net a return, the question of whether or not to sell gets a bit easier. The next question is often about their attachment to their properties. If you’re not still emotionally attached to your home, then you’re a step further in making a decision.
“HomeGain surveyed 1,000 real estate agents to determine which home repairs offer the biggest rewards. After ranking for return on investment, the survey found that cleaning and de-cluttering–including removing personal possessions, polishing woodwork and glass and removing excess furniture–is the most important. Spending $100 to $200 tidying up can increase a home price by $1,500 to $2,000.” —Forbes
Another couple of questions which will lead you to selling your home are about your finances and about your readiness to make changes. If you are financially ready to incur the costs of selling and buying another home, and, are looking forward to a new chapter in your life, then, coupled with the other answers, means you’re ready to sell. Now, what comes next is making the sale worthwhile, and that can be done with a few simple steps.
THE SIMPLEST WAYS TO MAKE MORE MONEY SELLING YOUR HOME
To get your home ready for sale, you’ve got to start thinking about it as a business transaction. When you put yourself in this state of mind, you’ll find that you will make smarter choices and do things which set your home apart from the competition. Here are some simple ways to make more money selling your home:
- Hire a professional stager. Last year, 3,500 staged homes were included in a survey which revealed that professional staged properties sold quicker and for more money than homes which were not staged. Of the properties in the survey, over 50 percent sold for 10 percent above the listing price. What’s more, home sellers spent less than 1 percent of the sales price and received a return of 1,000 percent.
- Be ready and willing to accommodate potential buyers. When you list your home for sale, you’ll have to accommodate potential buyers because the times when they will likely tour your property are nights and weekends. While this might be a bit inconvenient, it’s necessary to show and sell your home.
- Enlist the services of a real estate professional. This is by far the most important thing you can do to sell your home in less time for the most money. You’ll have an experienced professional to advise you about repairs, pricing your home based on the most accurate market data, actively marketing your home to qualified buyers, negotiate the terms, and, schedule showings.
In addition to these benefits, you’ll also have someone to handle all the required paperwork. Such professionals have a vast network and can market your home in very creative ways and in places that get attention. If you want to get the most out of your home sale, having a real estate professional is simply and must.