Home prices are at record highs and are considered overvalued in as many as 33% of U.S markets according to CoreLogic, making it a great time to sell your home.
Alexander Diaz de Villegas, who forms part of Battlefield Investment Group’s most successful real estate team in Homestead, Florida, shares a few key tips for maximizing your home selling experience and generating the greatest return on your property.
Choosing the Right Time to Sell
There are several considerations to factor on this front, assuming you don’t need to sell ASAP for personal reasons. One is the overall state of the market in your city and the seasonal variances that affect it.
Another is the current availability of similar houses in similar neighborhoods to your own. The more direct competition that’s out there for your target buyers at any given moment, the less likely it becomes that desperate buyers will launch a bidding war for your home.
Figuring Out What’s Worth Fixing
Renovating your home to increase its value seems like a great idea on the surface, but Alexander Diaz de Villegas cautions that many renovations aren’t worth making.
Remodeling’s 2019 Cost vs. Value report shows that no single renovation project delivers positive returns overall. Some, like master bedroom additions, return as little as 50 cents on the dollar in added value.
That doesn’t mean renovations can’t be worthwhile, but that they need to be chosen wisely. Outdoor renovations like garage door replacements and adding manufactured stone veneers have some of the highest value, due to their curb appeal. With the front of the house being the first thing that you see, it is important to create a great first impression for a home.
Staging Your Home
Staging your home can increase its value and speed up how quickly it sells. The goal of staging is to showcase every room in the most appealing way, enhancing lighting, limiting clutter, and depersonalizing it, all without removing the furniture (though furniture should be downsized to create more space and flow). By doing so, prospective buyers can more easily envision themselves living in that space.
Some real estate agents will stage homes, which can include the full gamut of cleaning, decluttering, and even bringing in more appropriate furniture and other items to make each room shine.
Marketing Your Home
With your home looking desirable, it’s time to market it and attract some swooning buyers. The listing photos will be of prime importance on this front, convincing buyers to check out your home in person.
If you’ve staged your home, these photos should look stunning. Even then, you’ll want to focus chiefly on the best-looking rooms in your house for added effect.
Real estate agents are another important cog of the marketing process. Alexander Diaz de Villegas notes that realtors often have large networks of buyers and agents they can promote your home to, in addition to well-trafficked websites. Even their For-Sale signs on your lawn can attract interested buyers to a property.
Selling your home may not be all that hard no matter what you do, but maximizing the return you get for it is another matter entirely. By incorporating the tips Alexander Diaz de Villegas has mentioned, you’ll be that much closer to riding off into the sunset with a big check for your home in tow.