Should I paint or put in new carpet? Should I finish the basement? Should I remodel the kitchen?
These are common questions when you're getting ready to sell your house. You want to avoid making costly mistakes when you sell your home. The advent of HGTV has got everyone thinking they need to remodel their home before they list it for sale. But, before you turn to reality TV for real estate advice, I'd like you to know this. The things I consider when I give advice on how to prepare your home include:
- a thorough financial analysis of your home's market value,
- the price point of your home,
- the location,
- the current real estate market,
- the cost of the improvements and of course,
- when you plan to move,
- what goals you want to accomplish by moving.
Analysis Helps Determine What Improvements to Make
I can't tell if you should re-finish your hardwood floors until I have an understanding of your home and your goals. Then, I'll know if the cost of refinishing is a good investment for you based on what your goals are, and what the return will be for you.
Your real estate agent is the most qualified person to talk with you about the steps to take to get your home ready to sell. Of course, this financial analysis and what improvements you'll make also help you determine the price you'll set for your house.
What Improvements You Make Help Determine the Price
The price you set is a critical factor in the return you’ll receive. That’s why you need a professional evaluation from an experienced realtor. This person can provide you with an honest assessment of your home, based on several factors including:
- Market conditions
- Condition of your home
- Repairs or improvements
- Time frame
In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.
If the price of your home is too high, several things could happen:
- Limits buyers looking at your home. Potential buyers may not view your home, because it would be out of their buying range.
- Your actually help the competition. When buyers compare your home (that may be overpriced) with other like properties that are priced UNDER yours, the buyer thinks those other properties are good deals!
- Your house lingers on the market. You've seen houses in your neighborhood with the big "PRICE REDUCED" sign in the yard. Doesn't it make you wonder what's wrong with your neighbor's house? When buyers ask "How long has this house been on the market," you want the answer to be between 30 and 60 days...not 210!
- The longer a house is on the market, the lower percentage of the list price is received. If you overprice your house, and it's on the market too long, you'll get LESS for your house than you would have if you priced it right at the outset.
- Wasted time and energy. Why put yourself through all this? Price it right at the beginning.
At What Price Will You Sell YOUR House?
Just fill out the form below and we can get you information about the value of your home. The value of your home may help you decide what improvements to make as you get ready to sell.