An essential truth when it comes to selling your home is that the market decides the price. You can do everything on your end to get the most money for your house, but at the end of the day, the market will decide the final selling price. The trick is to make sure that the market values it as high as it can. So, letting the market decide doesn’t mean you should neglect your listing. There are definitely a few things you can and should do to get the most out of your sale. Let’s break it down.
Your local market
Taking a look at the market in your area is good practice. No REALTOR® has a crystal ball and we can’t see there. However, we can make predictions of what will happen, and the best way to do that is to look at what just has happened. Recent sales are a much better predictor of what will happen than prices of properties that haven’t sold yet.
What did similar houses in similar neighbourhoods sell for? How long were they on the market? What features make your home more or less valuable than a comparable property? It is also important to understand the difference between selling during a buyers’ market vs a sellers’ market. A buyer’s market is when there are more listings available for sale than buyers who want to buy them. This surplus inventory means buyers have more leverage which can result in lower purchase prices and more days on market. In a seller’s market, however, it is home sellers that have an upper hand. Because there are fewer properties than the pool of buyers that want to buy them, the increased competition encourages higher purchase prices and shorter days on market.
Staging your home
We cannot stress the significance of home staging Edmonton enough. When you take time to consider how your home presents in photos, you encourage online traffic to click through your photos and want to see more. Then, when that online traffic translates to viewings, you improve the experience of potential buyers. While it requires more time and effort on your end initially, the payoff is well worth it in the long run. To stage your home the right way, you should focus on de-personalizing rooms, removing clutter, and situating furniture in such a way that gives a warm, welcoming feeling. We have a whole article about the how’s and why’s of home staging!
Yes, there is a benefit to small renovations when it comes to listing time. We’re not saying to rip out your floors and put in brand new hardware, but it’s worth considering a few minor updates. Things like swapping dim light bulbs with new warm bulbs or painting a wall that’s looking beat up. You don’t have to put on your construction hat or hire a contractor. You can do these minor fix-ups on your own and at a (usually) minimal cost.
The right price
Everyone wants the best possible price for their house. We get it. But you have to take into consideration what the market is like during your listing period. If you trust that your REALTOR® has your best interest in mind, then you should rely on them to list your house at the right price. Of course, you should have a say in the list price, but trust that your professional has researched enough to know what price is appropriate for your home. If you don’t want your house to sit on the market for a long time, then stay away from overpricing it.
Curb appeal matters
How your home looks on the outside sends a message to buyers about what to expect on the inside. If your lawn hasn’t been mowed in months or your front door is unhinged, potential buyers already have a bad taste in their mouth even before walking inside your home. While some outdoor renovations can be costly, start with exterior fix-ups that are within your reach. Mow the lawn, rake the leaves, clean your windows, and watch how quickly it starts to look better. If you think you need to do some repainting, you can decide after you do the initial maintenance. You might see a significant enough improvement with just the basics!