How can I save money when listing my house?
Selling your home can be an expensive process, but it is great opportunity to make some extra money. There are some ways you can save money when selling your home by planning ahead and using different techniques. While there are some fees and costs you can’t avoid, you’ll be surprised at how many ways there are to save when it comes to your home sale.
1. Work with local real estate agent with proven results.
If you are looking to sell your home fast and at a competitive price, an experienced agent who knows the area, prices homes in the area, markets effectively, and is known to work efficiently and effectively for their clients, can be your key to success. Yes, you are paying your real estate agent a commission but it will save you money ultimately when your home sells quickly and you can avoid making costly mistakes.
To find an agent that fits your needs you may ask:
- Listing median days on market (DOM): This will tell you how long an agent listing tends to stay on the market before they have sold it.
- Number of transactions per year: This will tell you how experienced the real estate agent is.
- List-to-sale ratio on sold homes: This figure will give you an idea of how well an agent prices homes and negotiates sales. You can calculate it by dividing a home’s sale price by its list price. As an example, if a home sells for $248,000 and was listed for $250,000, its list-to-sale ratio would be 99%. As a seller, you’ll want that rate to be near 100% or above.
2. Understand the fees
Along with doing your research, understand the breakdown of any fees you may pay. Those related to filing paperwork with your local municipality are non-negotiable, set costs. Others may be more flexible such as home warranty costs, agent commissions, or staging fees. An experienced realtor will help you understand your fees.
3. Do reasonable upgrades and DIY projects
Reasonable upgrades on your home before you sell can add value to your home and may get you more money. This can also avoid future repairs or upgrades your buyer may request when putting in their offer.
Here are some ideas:
- Declutter Your Closets- Everyone wants lots of closet space. Take away half of your clothes, to make it look like the closet is larger.
- Update Lights and Fixtures- Old light fixtures can out-date a home. Replace with new and modern fixtures. Lighting is a key factor, make sure windows are cleaned and light bulbs are replaced.
- Update Faucets and Cabinet Hardware - Another feature of the home that can make the house look outdated. If your hardware is more then few years old it may be outdated. This is an inexpensive way to update your home, less than $200 and an afternoon to complete.
- Regrout and Replace Chipped Tiles- This can give your home a fresh new look, no one wants to see cracked and crumbled grout. It is a simple enough task to complete and gives your home a well-maintained look.
- Clean Carpets and Wood Floors- Making sure your floors are cleaned and free of odors is a must. Nothing turns off buyers more than a stinky carpet. Focus on high traffic areas such as kitchen, family room, living room, master bedroom, etc.
4. Price it right
While pricing your home in its sweet spot may not save you money, it can greatly affect its final selling price and avoid you leaving money on the table. You may think you’ll be best served by listing your home at a higher price, but pricing it at market value or even slightly below can actually generate more interest. More interest translates to more competition, especially in a seller’s market, and a bidding war may help your home sell for well over the asking price.
Be reasonable and don’t sweat the small stuff. There are ways to be creative and save money when selling your home. Simply find the areas where you can save big. Asks questions to your real estate agent and see how they can assist you! It never hurts to ask- if you’re looking to sell your home, Rivard, Aul & Associates Real Estate Team are true real estate experts and willing to walk you through the selling process. We are willing to help!