Monday, July 26, 2021 / by Kristine Aubut
The seller’s final net proceeds at the end of selling their home is significantly lesser after all the closing costs and other costs have been accounted for. If a seller wants to get a fatter net proceeds the only way to do that is to negotiate with the buyer on the closing costs which again provides little window for any significant increase in the seller’s share.
This is where sellers must get creative and try things that can boost their property value that allows them to charge them more and walk out with a profitable sale and this is what we look to accomplish in this post.
We give you a list of 8 to dos that will allow you to get the maximum out of your property sale. So without further ado, let’s begin.
Listing Price Research
Knowing the home listing price can help you make an informed decision and find out whether or not you are undervaluing your property.
Home buyers are often concerned with finding a good deal and knowing what people are currently paying for homes of comparable size in that area will help them determine if they are getting a good deal or not. Knowing what the seller’s asking price is can also help them figure out if they are underselling their property, which could be helpful to a buyer who might want to offer less than asking.
Cost of Selling your Home
The cost of selling a home is an important consideration when deciding to move or not. If the cost is too high, it will prevent potential buyers from looking at the property and will make it more difficult to find a buyer.
There are several factors that go into calculating the final price of the property. The real estate agent’s commission, which can vary depending on whether you buy through a broker or sell yourself; closing costs, which includes appraisal fees, title insurance and other administrative charges; and finally advertising costs.
When to Sell Your Home
You may be thinking about selling your home, but you may be unsure when is the best time to do so.
Some people believe that the best time to sell a home is when the market is doing well. Others think it's best to wait until the market starts dipping and prices are low.
In reality, there is no single answer for this question. The answer depends on what your priorities are and how much you want to sell your home for.
Factors that will affect how much you will be able to sell your house for:
- Current housing prices in your area
- Interest rates
- Length of time since last update or renovation in your house
Hire an Agent
Agents provide a number of services to home sellers, such as:
- Providing market research and data on the industry to help set the right selling price.
- Setting up appointments for showings in a timely manner.
- Writing thoughtful and persuasive descriptions of the home that will attract buyers to make an offer.
- Providing feedback on contract terms and negotiations during escrow.
Agents are very important in this industry because they provide all sorts of services that ask for highly skilled professionals who are able to conduct market research, negotiate contracts, provide feedback, etc.
Consider Repairs and Renovations
There are many ways in which you can improve the value of your property. One way is to spruce up the exterior by adding a new fence or adding fresh paint. Another way to increase the value of your home is to invest in repairs and renovations.
Repairs and renovations should be included in your yearly budget, as these updates can increase the worth of your home significantly.
The most important reason for investing in repairs and renovations is that they will make your property more appealing to buyers. Repairs are essential things that need to be done for any home if you want it to sell quickly and for a good price.
Try to Save on Closing Costs
Closing costs are the fees that a buyer pays to the seller for the mortgage, appraisal, inspection, and any other related fees. Sellers can save on these closing costs by getting an accepted offer from the buyer at a lower price. It is also important to get an estimate on title insurance using a title insurance calculator for Colorado as well.
A seller has to pay closing costs when they sell their home. Closing costs are usually about 2-5% of the purchase price of a home. If you have a great offer at a lower price, closing costs will be less than what you would normally pay without an accepted offer.
If you happen to be in New York state, then you can offer your property on a CEMA Loan to lure buyers. Buyers save a lot of money using a CEMA loan, making it an attractive feature to go along with your deal.
Conduct an Open House
What if getting someone to buy your home was as easy as inviting them over for a party?
At first, it might sound like an unlikely way to sell a house. But the truth is, there are many factors that come into play when it comes to the value of your property. And one of them is how welcoming and hospitable you make your home feel. Here are some ideas on how can you invite people into your property and get them interested in what you’re selling:
- Host a BBQ party
- Bake treats for visitors
- Invite people over for drinks
- Offer tours of the house
- Have a yard sale
Take Care of Buyer Contingencies
Sellers need to be aware of the contingencies that buyers can attach to a purchase. These include such things as home inspection, mortgage approval, and appraisal.
If a seller accepts these contingencies, they are agreeing to allow the buyer to inspect the property before the sale is final. They are also agreeing to let their mortgage company or appraiser conduct an appraisal of the property before it’s sold.
Buyers want these things so they know they won't be buying a broken house with hidden problems that might not show up on a regular inspection. A seller would want these contingencies too so he knows that he's getting what he's paying for.
We hope you found these inputs worthy and apply them to get a better deal on your home.