Your home is a special place. It is where you create family memories, where you grow as a person, a place part of your life is attached to, and when it comes to selling it is only natural for you to get the most value possible.
As you look towards starting that next chapter of your property journey, getting the most value when selling your home can be easier said than done. There are factors, such as market conditions which you have no control over, and there are essential repairs and maintenance that can be completed to remove obstacles for potential buyers.
To ensure you get the most value from your home, sellers should take a step back and objectively assess the home – both inside and out – and create a list of what work needs to be done to create real value.
How to get the most value
There are a variety of factors that need to be considered if you want to get the most value when selling your home. To secure the best possible deal, your house will need to stand out from the competition on the market, all while spending as little money and time as possible.
Before you list, it is valuable to get an objective opinion from a local real estate agent. During your life you may only buy and sell a house a few times, but a real estate agent has been part of many property journeys and will have an eye for details they have developed with experience and knowledge.
Picking the right time to sell
The timing of the sale of your home is the most important thing to consider when getting the most value. The time of the year you list your home can affect everything from the price it sells for to the time it spends on the market.
Spring tends to be the most popular time for active buyers in the real estate market, and you may think it is best waiting until spring to sell. That may not always be the best case. This is also when most homes go on the market, so you need to consider how well your home can compete with others.
Get essential repairs sorted
Essential repairs are vital when preparing your home for the market. If your home is in great working order, you can set your expectations higher and command a higher sales price. With this work done beforehand, sellers have erased many sale contingencies and perhaps even shortened their settlement periods because there is no room to negotiate possible red flags.
Functionality is important
Buyers want to move into a home where they can envision how they will live in it. This is why it is important to consider the functionality of your home. Put yourself in the buyer’s shoes and figure out what people are wanting in a home. If an office space is desirable, consider putting a desk in the smallest bedroom to show where buyers can comfortably work from home.
Get familiar with your local market
Depending on the suburb, buyers in that area can have different likes and dislikes. To get the most value, your real estate agent can advise on local trends, helping you decorate or market your property to the audience that will pay the most money for your home.
Consider your selling method
There are two common ways to sell a property, either by negotiation or at auction. A house that has broad appeal may be best suited going to auction so that prospective buyers increase the price through a bidding war. Meanwhile, if the property is more niche or has a smaller buyer pool, negotiation may be a better option.
Negotiate
If you don’t ask, you don’t get. Which is why it is important to ask the questions to see if you can get what you want. It is tempting to accept the highest offer, but it is possible you might get the most value for money from a lesser offer with better terms.
For example, you don’t want to sell your house and have to vacate in a week, especially if you are yet to purchase another home.
Things to avoid when selling
To get the most value for your home, there are things you should not do, such as getting too emotional. Feelings can get in the way of securing the best offer possible, so it is important to think logically during this process.
Getting emotional
It is only natural to get emotional when you are about to put up a for sale sign outside your home. However, emotions can cloud your head and ability to make decisions during the selling process. It is best to acknowledge that emotions could impact your judgement, so try to think like a salesperson, as a homeowner’s mind typically inflates the home’s worth.
Make realistic expectations
You will have a lot of emotional connections to your home, and you will fixate on all the positive, but that can lead to over-valuing your home and making it unattainable for buyers. On the other hand, under-valuing a home may inadvertently signal the existence of major problems. It can be a double edge sword, which is why it is vital, to achieve the best outcome, to reach a realistic figure backed by market research.
Covering up big problems
Fixing problems may seem overwhelming. However, hiding these issues is not an option, as they will be uncovered during the buyer’s inspection. By taking the initiative and fixing problems ahead of time or talking to your agent to adjust the price accordingly, you can avoid sales falling through after their inspection.
Not preparing for the sale
When your house is on the market, it needs to be attractive to potential buyers so they can imagine what it will look like when it is their home. Sellers who leave their homes full of mementos and family pictures are setting themselves up to fail.
It can be hard to look past all the personal items as a buyer and picture their own family in that home. By preparing for the sale, decluttering and staging certain rooms, you are helping sell the vision of the home.
Selling your home with LJ Hooker
Selling your home is one of the most exciting and emotional times in life. On one hand, you may stand to make a great profit. On the other hand, you are also selling a family asset. To help make the transition as easy as possible, look to the team at LJ Hooker.
Combining experience with excellent market insight, we can help advise you of market trends and home improvements you can make in order to position your home in the best possible light.
A little help from the team at LJ Hooker can be invaluable when it comes to selling your home for the best possible value. To start your selling journey, you can contact an LJ Hooker agent or organise a free property appraisal today.
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