5 Tips To Getting the Most Money for Your House
It’s no secret that the Denver housing market is on fire and that sellers are making serious money. You have probably heard on the news and from your realtor friends that “this market is crazy.” Remarkable stories of houses going for $100,000 over list price, $150,000, and even $200,000 are not uncommon. With the historic lack of inventory and ensuing bidding wars, sellers may be tempted to throw a sign in their yard and call it good.
But there are a few things you should do in order to not just simply get your house sold, but to achieve the highest level of return possible on your home:
1 – Hire a REALTOR®
We may be biased here, but we highly encourage you to hire a full-time, licensed real estate agent to help you sell your home. Realtors are educated and trained in negotiation tactics as well as legally-binding real estate contracts. We are also licensed and insured, and are held accountable by the Department of Regulatory Agencies (DORA). We have access to the MLS (Multiple Listing Service), which then syndicates to every real estate platform (Zillow, Trulia, realtor.com, Redfin, Movoto, etc.) to cast the widest net possible to potential buyers. When you are selling your biggest asset it is not the time to cut corners and hire a discount brokerage or do it on your own (FSBO). Hire a professional who knows how to market your home, price it correctly, and negotiate on your behalf.
2 – Make Needed Home Improvements
A little bit goes a long way when it’s time to prep your home for sale. The first places to look are your kitchen and bathrooms. If those are in good shape, consider installing some new carpet where needed and a fresh coat of paint. We are not talking major renovations here, but putting in some maintenance will be worth it. In fact, the average home improvement project can yield $1.25 – $1.50 for every dollar you spend.
3 – Stage It
The numbers speak for themselves. On average, staged homes sell faster, and for more money. Stagers know how to arrange furniture and décor to show buyers the home’s potential. At Real Home Co, all our sellers receive complimentary staging services.
According to the National Association of Realtors (NAR):
- “Twenty-three percent of buyers’ agents said that home staging raised the dollar value offered between 1-5%, compared to similar homes on the market that hadn’t been staged.”
- “…the response from sellers’ agents was nearly identical, as 23% reported a 1-5% increase on offers for staged homes.”
- Eighteen percent of sellers’ agents said that staging raised the value of a house between 6% and 10%, and 31% said staging dramatically decreased the time a home spends on the market.
4 – Get Professional Photos
If a picture is worth a thousand words, a professional real estate picture is worth a thousand dollars. Okay, we may have made that up. But there is no comparison between an amateur cell phone picture and a professionally shot and edited picture to highlight your home’s features, angles, and amenities. Great photos of your house will draw in potential buyers and entice them to schedule a showing. Most real estate agents include professional photography in their listing fee.
5 – Price Correctly
Pricing a home for sale is both an art and a science. A real estate expert will usually start by ‘running comps’ (searching comparable properties) to see what has sold in the neighborhood recently, how long it was on the market, if it sold for list price or higher, if it had any upgrades, extra parking spaces, etc. They will also factor in the current rate of appreciation, market conditions, time of year, and other details. Pricing your home appropriately to begin with can determine if it gets multiple offers or if it has a dreaded price reduction. Believe it or not, we do still see price reductions in the Denver Metro area.
The Bottom Line
We hope this helps give you the big picture on how to start prepping for the sale of your home and getting the highest return on your investment. The Denver real estate experts at Real Home Co have been serving clients, both buyers and sellers, for years and would love to help if you are considering selling your home in the near future. Contact us with any questions, and HAPPY SELLING!!
