To sell your house for top dollar, you must understand your local housing market trends, the total cost of selling a home, and the best method of selling to meet your goals. Contrary to popular belief, the highest offer won’t always leave you walking away with the most money. You also won’t recoup the costs of major renovations. Keep on reading to find out how you can sell your property for top dollar.
Research Your Local Market
When the market is flooded with more homes than buyers, it usually lowers property prices because more sellers are competing for the attention of fewer buyers; this is known as a buyers’ market. Conversely, when there are more buyers than homes for sale, it hikes up property prices because buyers are competing for fewer homes; this is known as a sellers’ market.
The best way to gauge whether you’re in a buyers’ or sellers’ market is to observe the average Days on Market (DOM) for similar properties in your city. DOM is a real estate statistic that shows how long homes are actively listed on the market. If you notice houses similar to yours are selling faster than the average DOM for your city, this data suggests there’s a strong demand for homes.
Look at the rate of home price appreciation for houses in your market, as it’ll show how fast property values are increasing in your area. A steep increase in signifies buyers are paying more. These trends will help you price your home accordingly.
Determine How You’re Going to Sell
You’re probably familiar with the traditional real estate process, which involves preparing your home for the big sale, finding a top-rated agent, listing your home online, hosting open houses, negotiating with a buyer, and then finally closing the deal. Does this process sound like a lot of work? Luckily, there’s an alternative method known as for-sale-by-owner, or FSBO for short.
You’ll act as your own real estate agent in an FSBO sale, meaning you’ll assume all the responsibilities of one. If you take this route, you’ll have to list your house on your own, understand market trends, crunch numbers, promote your listing, host open houses, stage your interior, enhance your curb appeal, and finalize the deal once someone’s interested in your property. Do you have what it takes?
By doing this, you can avoid paying a real estate agent’s commission. However, if an agent represents your buyer, you’ll need to pay that agent’s commission. Unless you’re an expert FSBO seller or a real estate professional, this type of sale might be even more complicated than a traditional sale.
Contact Southeastern Real Estate Investors
You’ll feel proud once you successfully sell your home, but there are also other stressful items in which to take care. Do you have another house lined up? If you’re having a hard time finding the perfect home, Southeastern Real Estate Investors can help. If you live in Alabama, Georgia, or Tennessee, our team can help you find a cheap property. We’re also here to help if you’re an investor looking for a fixer-upper. Contact us today.