Maximize The Selling Price of Your Home

When it comes to selling a home, owners understandably want to maximize the selling price of your home. That might seem like an impossible feat when growing home inventory and rising interest rates are bringing the market price down. And while you might not be able to control this, there are lots of things you can do to influence how your home will sell.

With careful planning, strategy, time, and effort you can still successfully sell your home in today’s market. Here are some of the ways you can maximize the selling price of your home.

80/20 RULE

“Eighty percent of results will come from just twenty percent of the action.”

Understanding the 80/20 rule concept can save you time in selling your home. When you apply the 80/20 rule, you stop trying to sell people on the entire home. Instead, you can highlight the 20% of your home’s features that make it special. The remaining 80% of your home still affects the buyer’s decision, so don’t neglect it, but photographs, and showings should focus on the elements that make your home special.

Keep in mind, your selling point won’t be the common features your home shares with the other properties on the market. Instead, use your home’s unique features to grab the attention of buyers who are interested in those distinctive attributes.

CURB APPEAL

Creating curb appeal is essential to attracting interest in your home. How your home looks from the road is so persuasive that a well-prepared house may catch the attention of buyers who did not find the written description particularly compelling. Likewise, a neglected house can cause a buyer previously excited by the description to cruise right on by.

The goal here is to get more money for your home. Home buyers generally aren’t interested in a home that needs work, unless you want to sell below market value.

Look around your yard, and make a written list of everything that could be improved:

Shrubs trimmed, flower gardens tended, walkways tidy, and beds weeded

No trash, trash cans, lawn clippings, branches, or general mess in the yard

All outside fixtures and components (door and yard lights, garage door, porch rails); functioning properly and looking their best

Outdoor features, such as patio furniture or the deck, updated with staining or painting

Make all major and minor improvements to update the exterior of your property. There might be a long list of things to do. It takes hard work to get a home ready to sell, especially if you want to sell quickly and/or for a great price.

STAGING WITH PURPOSE

Staging is the act of sprucing up and setting up a home’s interior to make it as visually appealing as possible to a prospective buyer. Creating an appealing home — one that potential buyers can envision themselves living in — is the best investment in your effort to maximize the selling price of your home. This is why furnished homes perform better on the market than a vacant one.

This strategy is effective in any market, in any type of home property being listed. It applies equally to single-family houses, apartments, townhouses, and condos. Agents and sellers using this tactic have a greater chance of selling the property for more money.

Staging the home will:

• Distinguish your home from the competition
• Attract top dollar from homebuyers
• Provide a visual edge over the competition

UPGRADING WITH ROI IN MIND

Making upgrades can be as easy as replacing the handset on your front door and freshening up the paint job, or as daunting as remodeling an entire kitchen or master bath. The question always is, what home improvements give the best return on the remodel dollar?

Return on Investment (ROI) is generally less than 100% in real estate, so the rule of thumb is that ‘less is more.’  If your home is worth $975,000, and you spend $45,000 to revamp the kitchen, don’t make the mistake of assuming that the investment will increase the value, dollar for dollar. The remodel may add value to the home, but the return in dollars spent will be around 50%. Smaller upgrades, like replacing outdated fixtures or appliances can be more attractive and fruitful in terms of coming back to you.

Start with these basics for the best ROI (in terms of time and money):

• Mechanical maintenance
• Replacing appliances (upgrade for energy efficiency)
• Updating hardware
• Lighting
• Create extra space or storage (walk-in closets and pantries are consistently on buyers ‘must have’ list)

You shouldn’t however ignore necessary repairs that a home inspector would red-flag or bank would demand before issuing a loan to a buyer. If major problems, like a leaking roof or outdated electrical wiring exist, you may want to repair those before putting your home on the market. Either that or be prepared to give concessions to the buyer.

THE 3 D’S

Depersonalize

Staging is readying the home to show to potential buyers; you must encourage them to visualize living in the home itself, not in your home. Depersonalizing the home involves removing your personal items, such as photos, trophies, and collectibles. Knickknacks and wall décor are also personal taste items that may distract buyers from seeing the home as theirs. Simplify and neutralize your home as if it were a show home because that’s exactly what it is while it’s on the market.

Declutter and discard

It is understandably inconvenient to live in your home without your “stuff” — it’s like living in a hotel. However, it’s a necessary component of getting top dollar for your house.

Extra furniture and items like books, magazines, DVD collections, and hobby supplies add weight and visual distraction in a room. Your salt & pepper shaker collection is going to look like clutter, even if the buyer collects salt & pepper shakers.

The more spacious your home appears, the more appealing it will be. Minimize as much as possible. You want the home shopper to see what your home has to offer, not guess about the potential or possibilities.

Deep clean

Spotless is the name of the game. Doing a thorough, deep cleaning of your home is vital. It works for people selling a car (they get more money), and it will work for you when selling your home. With the home depersonalized and decluttered, it might make sense to use a professional deep-cleaning service.

Otherwise, with the clutter gone, move on to cleaning each room. Tidy each room, from top to bottom. Be meticulous, especially in the kitchen and bathrooms. Homebuyers will open cabinets, pantries, and closets to assess their storage opportunities.

HIRE A TOP AGENT

The best way to get more money for your house is to work with a top real estate agent. When you’re researching local agents, a key statistic you’ll want to pay attention to is their sale-to-list ratio. This ratio indicates how accurately they price homes and how much of the seller’s asking price they deliver. The higher their sale-to-list ratio is, the better they are at getting more money for your house.

You should also pick a realtor based on a strong recommendation from friends or family and take the time to interview potential real estate agents to find the best fit for you. It’s essential that you are open and honest about your expectations so that you can have the best possible working relationship with your realtor.

Am I on your shortlist of Vancouver Realtors to help you maximize the selling price of your home? Let’s connect and find out