Price Cuts Are on the Rise. Sell Your Home for Top Dollar With These 7 Tips
If you’re looking to sell your home soon, but have concerns about whether or not you’ll be able to get top dollar, you’re not alone.
As of October 2022, nationwide home prices have fallen 7.65% since May highs and the share of homes having their price reduced grew from 10.6% last October to 20.9% this year. Reduced demand paired with rising price cuts have left many potential home sellers wondering if bad timing has ruined their chances of making the type of profit they’d been hoping for. Luckily, strategies are available to help you leverage your home’s value, ensuring you remain successful in achieving both a quick sale and generous profits.
Here are seven proven tips to help you get top dollar for your home:
1. Stage your home
According to data from the National Association of Realtors, 23% of sellers who staged their homes received an offer of 1-5% over the asking price. Additionally, a home that is staged can expect an increase of 1-5% above the region’s median listing price—profits that range between $3,469-$17,345.
Cleaning, decorating, and rearranging furniture in a way that showcases your home in the most appealing way possible sometimes involves a team of experts trained in interior design. HomeAdvisor reports that the average cost of staging a home is $1,719, but it has a 102%-909% return on investment for the seller, making it one of the most cost-effective home selling tips a homeowner can implement.
2. Depersonalize it
Putting personal items in storage, decluttering, and neutralizing your home’s color palette are all ways to depersonalize your home so that potential buyers can envision themselves living there. Ideally, you want home shoppers to see your home as their move-in ready dream residence. Consider hiring a professional cleaning service to do a deep clean, and paint the wall colors an on-trend neutral color such as Chiseled Stone, Arctic Wolf, or Autumn Blonde. Replace portraits, posters, and knick-knacks with attractive wall art and generic vases. Also important: declutter the yard, driveway, and garage. Emotions are a huge part of a home shopper’s decision making, so you want the potential buyer to feel like this house is their own.
3. Maximize light and space
Whatever you can do to make your home appear brighter and more spacious will increase its value. Prior to a showing, open all the blinds to let in as much natural light as possible. When appropriate, add an extra lamp or light fixture to illuminate darker corners. Replacing yellow or warm light bulbs with cool white or daylight bulbs will also help to increase your home’s brightness. You can also remove excess furniture which will not only help your home appear larger, but will allow for potential buyers to move more freely.
4. Update and repair, but don't remodel
Making strategic cosmetic updates can add up to $6,000 to your home’s value, according to a Zillow study. Major remodels aren’t needed, rather, simple repairs such as removing worn carpets or replacing outdated appliances and fixtures will maximize the value of your home. Some must-do’s include: adding fresh paint, patching holes and cracks, updating old hardware and faucets, replacing broken windows, and regrouting if necessary.
5. Focus on the kitchen
Realtor.com recently found “homes that include a killer kitchen or luxury kitchen, as described by the sellers, sell 8% faster than similar-sized homes in the same ZIP code.” So, prioritize this space. In fact, some kitchen features add immense value to a home. These include: custom cabinetry, a kitchen island, creative lighting, and granite countertops. Even simple fixes like changing knobs can make your kitchen look new in the eyes of buyers.
6. Boost curb appeal
Findings from the University of Alabama and the University of Texas at Arlington suggest that curb appeal can add anywhere from 7% to 14% to your sale price. How do you improve curb appeal? Since photos are an essential part of a homebuyer’s search, whatever you can do to enhance that initial impression will reap huge rewards. Some inexpensive places to start include updating your front door with a trendy color, scrubbing down exterior trim, power washing walkways, and cleaning exterior windows. A layer of fresh mulch beneath your trees and shrubbery is also one of the least expensive ways to make your yard attractive. Finishing off the look with a few potted plants and hanging flower baskets will add that extra touch of color to help your listing photos sparkle.
7. Hire the right real estate agent
An experienced real estate agent not only knows how to strategically market your home for today’s home selling climate, but they also have a wealth of connections with those in the community and can generate more interest in your listing than you could’ve ever imagined. An agent’s connection with stagers, photographers, and marketing experts can ensure your home is featured in the best light. Their guidance will enable you to complete the process with minimal expenses and delays.
Ready to see what you can get for your home?
If you’re seeking an analysis of your current situation or want advice on your best next move, don’t hesitate to reach out. Our team of expert real estate agents is standing by to answer your questions and make your Madison area home sale a success.