How Not to Lose Money When Selling a Home

Story Highlights
  • Price your home right
  • Hire an expert real estate agent
  • Prepare your home for the sale
  • Stage your home

Many people walk into the home-selling process without really knowing the value of their home or the current market indicators. This could lead to potential financial difficulties.

What is even worse is that when potential home buyers lend from the bank, they are unaware of how much they actually owe the bank on a month-to-month basis.

If sellers don’t know these two fundamental aspects of selling a home, they might end up losing a lot of money when they decide to sell again.

Here are a few ways to secure your money when selling your home:

Price your home right

If your house has been on the market for a while, buyers might see it as a poor investment with low value.

Don’t try to test the market with above-average prices – research and compare similar homes in the area and adjust your price towards the trend.

Put yourself in the buyer’s shoes: if you had to choose between your house and your biggest competition, which house would you buy?

Tour show houses in your area and pick up tips. What features are being highlighted? What is it that buyers are drawn to?

Hire an expert real estate agent

This point cannot be stressed enough: hiring the right real estate agent will definitely help you to get every single possible cent out of your sale.

For example, sellers often hire agents that have low commission but that is not always the best solution. A seller with lower commission might still be a rookie and they will not be able to give you the best possible insight.

An experienced agent will have a list of contacts and years of experience behind them, so that you can trust your home is in the right hands.

Prepare your home for the sale

It might cost you extra cash to prepare your home for the sale, but the more prep you do, the higher your profit will be at the end of the day.

You can, for example, hire professional landscapers to make the exterior look breathtaking.

Don’t spend too much money renovating the interior.

You don’t have to redo the entire kitchen and bathroom but you do need to keep it sparkling clean. Buy new hand towels and tie ribbons around them. Give these rooms a fresh coat of paint and buy a few new accent pieces to throw here and there.

Stage your home

If you are able to afford a home stager then that would be your best bet.

Home stagers are trained to pick up on trends and to see what pieces of furniture would highlight the best features of your house.

If you are more of a DIY type of person, or if you are working on a budget that does not mean that you can’t make your house look desirable. Buy books on how to stage your home or read articles online. A great tip is to clear out about 50% of the furniture in every room.

Your real estate agent will also be able to assist you in creating the perfect atmosphere in your home that will appeal to buyers.

If you can’t afford to sell your home, then don’t.

Avoid clogging the inventory and pushing up your bank account with unnecessary items in order to make your home look great if it won’t sell.

Rather wait for the market to catch up and fall into that perfect little sweet spot where your agent can swoop in and find the right buyer for your home.

Good things are almost always worth waiting for.

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