Flipping your home for profit is an art. To learn it, you have to pay attention. Here is an overview of how you can sell your home for a higher price.
Be honest with yourself
First and foremost, it is essential to be as objective as you can about pricing your home. It is the single most important thing you have to do to make sure your get the best offers. If you allow your sentiments to rule, you may jack up your price to levels beyond the comparable homes in your neighborhood and risk seeing your own house remain unsold for weeks on end.
Renovate
Once you know how much you can sell the house for, you can begin thinking about renovations. According to the 2019 Cost vs. Value report of Remodeling, a publication for the construction industry, the following home renovations add the most value:
- Replacing the garage door
- Replacing vinyl siding with manufactured stone veneer
- Undertaking a minor kitchen remodel
- Adding a wooden deck
- Replacing dilapidated siding
Investing in the above renovations will allow you to recoup costs at an average of 77% to 98% once the house is sold.
Consult a real estate agent
Work with a local real estate agent to help you determine the most competitive price, plan a selling strategy, prep your home, and decide on the best time to sell your home faster and to the highest bidder. Your agent will ensure that your home isn’t priced less than it is worth. Your agent will also help you handle the voluminous paperwork that’s typical of real estate transactions.
Employ value range marketing
Instead of sticking a specific price tag on a home, consider value range marketing. List a price range that’s between the ideal market price for your home and the lowest price you would accept. It allows potential sellers to negotiate toward a middle price – which could turn out to be far more than what you can realistically expect.
Offer perks
Once a buyer has narrowed down their choices to two or three homes, make sure the buyer decides in your favor. One way to do this is by offering incentives. Offer to pay for closing costs, home inspections, or repairs. You can also sweeten the deal by prepaying homeowners’ association fees, golf memberships, or internet services for a period of time.
Learn the process and adjust
Now that you have a better idea of how to sell your home for a higher price, see how it goes. If something doesn’t work, quickly make adjustments. If you have fewer inquiries than you’d like, rethink your price. If home visits don’t result in offers, find out if there’s anything wrong with the house and make fixes immediately.
If you’re selling your home in the Silicon Valley area, you need the guidance of professionals who know this complicated market by heart, and with a proven track record of success. Get in touch with us, David Chung and Sunny Kim, today. Call 650.489.6251 or email us at davidandsunny(at)compass(dotted)com.