I have used a saying for the past three years which has never proven me wrong. That saying is “you sell a house before you list it”. When I tell this to a seller they usually wonder what in the world I am talking about. I have had an average sale price of 103% and many of the properties were the highest sale price for the street or condo and it is all owed to this approach.
Having a home show well is the single largest factor that will affect your sale price, yet many sellers are reluctant to hear that their home needs a little spruce up. When selling your home it isn’t about “this guy got that” or “I know my house is the best”, it is about looking at your home objectively and asking what would a buyer pay for this home?
First Impressions really do matter. When a buyer walks through a home you want them to flow through it seamlessly. The more they stop to check something out or inquire about an issue, the more likely that they will not buy your home. Some of the easiest things can propel the listing and eventual sale price and it is worth having a realtor explain to you the benefits of bringing your home up to date by preparing a cost benefit analysis. You should know what your home can get in the current state, with minor repairs and with a more extensive renovation.
It is hard to pull the wool over anyone’s eyes, let alone a well seasoned realtor. They will look up previous sale data as well as current market offerings. Not only are you selling the home to a buyer you are selling it to their Realtor too! That means asking a price which is reflective of the market and in a position that stands out in front of the competition. More times than not you will sell at or over asking price, not because you underpriced, but because you took the time out to price it right.
I have put pre-listing renovations into almost all of my listings and they have paid off every time. In some cases more than others, but in each instance the home sold in a quick amount of time and without haggling. Some of the best pre-listing value adders are:
- Fresh Paint
- New Carpet/Flooring
- Baseboards/Crown Moulding
- Light Fixtures
- Cleaning Service
- Staging
It’s always worth checking out your options to see if you are leaving money on the table. This is especially important for homes in mature areas that haven’t been updated in a long time. Remember, your personal residence is a tax free investment so anything you make off of it goes straight into your pocket! Contact me if you have any questions related to pre-listing renovations or would like the names of some great contractors. Have a great day.