How do you know when it’s the right time to sell? Before you bite the bullet and decide to list your home for sale, there are a few things that I recommend taking into consideration:
Timing is truly everything. Are home prices in your neighborhood rising or falling? Is the market glutted with competition? (Hear me when I say that competition does not necessarily mean every home out there because not every house will be true competition in your market.)
Does remodeling make sense? Are you sure that you’ve “outgrown” your home and need to sell, or is there a possibility that you can fix whatever the problem is and stay right where you are by renovating? Sometimes the perfect location and the perfect neighbors are hard things to give up, no?
Have you considered keeping your home and leasing it? This might be an option to consider if you haven’t owned your home long enough to break even when selling. You may also want to consider this option if the numbers work out so well that you could use the equity provided by renting to help pay for future college education or retirement.
Assuming that you’ve decided that it’s definitely time to sell (not stay and deal with it, not renovate or expand, not lease your house because you’re just done with it and it’s time to move on), how do you ensure that you make the most of your investment?
- Pets– not everyone will love your pets as much as you do, even other pet lovers. Find someone who can help you remove them for showings if you’re not able to do it yourself. The litterbox and its odors need to disappear as well. If you have carpet, it’s a great idea to have it cleaned or, depending on the condition, possibly replaced. Again, getting top dollar for your home means being as competitive as possible. (See that cat up there? I love her dearly but she is a furball and her brother leaves fur bunnies everywhere.)
- Demand– how is the market in your area? Is it a seller’s market or a buyer’s market? You’ll need to know supply and demand, and absorption rate is a great place to start. (Holler if you need me to calculate this for you!)
- Declutter– you want potential buyers to be able to see and appreciate the features of your home. Don’t allow clutter to compete for their attention. If you think you’ve already decluttered, chances are you can stand to declutter some more. Keep pieces that accent and make your home look better, put everything else in storage (or use this opportunity to donate extra stuff to a worthy charity!)
- Staging– this can be a minimal investment that pays off in maximum results by helping you cut through the competition and go straight to the top of everyone’s list. More appeal = more potential buyers, and that’s a great way to ensure that you’re getting top dollar for your home.
- Professional photos– Online photos are like your first date. You want to make the very best impression that you can by ensuring that your Realtor® is using a professional to show the features of your home in the best possible light. The more buyers who like what they see online means more potential appointments to view your home in person, and this means you have better chances of getting a competitive offer.
- Price competitively– do not overprice your home. Don’t. Do. It. The longer it sits on the market, the lower your chances become of getting a good offer. I have seen competitively priced homes in above average condition receive competing offers within the first few days of being on the market. It’s not unheard of to have an offer submitted in these situations that’s above asking price.
I know this might seem a little overwhelming, and at the very least it’s a lot to consider. If you’d like to meet for coffee and chat about your options, I’m always happy to help by bouncing ideas around or talking through the pros and cons of different scenarios. If you think that selling is on the horizon, no matter how distant that might be, give me a call! I’d love to meet for coffee and chat about options…706-945-7649