Selling your home is a big decision, and we all want to get the best possible deal. However, before you embark on this journey, it’s best to understand the local economic trends in your market.
For example, what are the total costs of selling, what’s the demand, the best methods, and so on? Keep in mind that the highest offer won’t always leave you with more money. You will encounter plenty of competition on the market, and most of the owners will say: buy my home.
But, how do you top them all and get most of the money for your property? Here are a couple of techniques which can help you solve this issue.
Understand how the local market works
When there are more properties available for sale, then there are buyers, which automatically lowers the price down. This is commonly known as a buyer’s market. On the other hand, we have a situation where there are more buyers than properties available for sale.
This tends to increase the price since buyers are competing for fewer homes. In that case, we call this a seller’s market. These trends will impact the cost of your property and how well you’ll negotiate the deal.
Choose the right time
In some cases, home sale depends on season. For example, spring bring the majority of buyers because people want to move during warm months, or when kids are in school. Considering the seasonal trends vary by market, there is only one factor you should consider, and that’s “the right time to sell.”
But, to sell your property for the most money, you should do it when you have enough cash to pay your current mortgage, costs of moving, and costs of selling. Otherwise, you’ll have to cover these expenses from your pocket.
Also, other factors, such as a new job or helping a family member, might influence your decision to sell the house. For example, it’s one thing to miss a peak selling season, and entirely another thing to lose a job opportunity, which could have a worse financial impact.
Set the appropriate price
If the price of your home is too high, then you risk having to drop the price or having your property too long on the market. Over time, people will become skeptical of a house that is listed too long, considering there is something wrong with it.
This can weaken your negotiation power. Most buyers will research the prices and compare them with your property. Lastly, taking longer to sell might have far severe financial consequences, especially if you are moving to another place.
Understand the costs of selling a home
When making this type of transaction, it’s easy to settle on a fixed rate you pay real estate agency. This rate mostly counts for 6%. However, when you calculate seller commission, closing costs, repairs, and maintenance, the selling costs can reach up to 10%, until you close a deal.