Selling your home in the Colorado Front Range? Consider these tips on how you can maximize your profit from it:
Price your home correctly
It’s important to set the right price for your home from the get-go. Underpricing can result in lost opportunities, while overpricing might cause your home to stay longer on the market and eventually lead to price cuts.
A good understanding of the local market will help you in determining the right price. In a sellers’ market, you may have greater flexibility in pricing your home, and even list it reasonably higher than its market value. In a buyers’ market, you need to adopt a strategy that would make your property more attractive to buyers.
Your realtor can help you price your home by doing a Comparative Market Analysis, which factors the desirability of your property, the sale price of similar homes in your neighborhood, and other market conditions.
Sell your home at the right time
Timing is critical in getting the most money for your home. There are several things to consider in determining the right time to sell:
Traditionally, late spring to early summer is the best time to put your home on the market. The warmer weather encourages buyers to go out and look for a new home. Additionally, most buyers prefer to move before school starts. However, there are also advantages to selling your home in the winter, when there’s less competition.
To get the highest profit, it’s recommended that you sell when you have positive equity, meaning the market value of your property is greater than what you owe for it. You should have enough equity to pay off your mortgage and cover your selling and moving costs.
A sellers’ market, or one where the demand is greater than the supply, is a good time to put your home on the market. Normally, home values are higher in this kind of market. And with a tight supply, you can expect a bidding war, which can drive the price of your home higher. A downside of a sellers’ market is it could be more difficult to find your next home.
Invest in home improvements
Most buyers today want a move-in ready home without major repairs and renovations needed. Go over your property, preferably with an inspector or your realtor, and identify and work on areas that need repairs and improvements.
Consider minor renovations that can potentially increase the value of your home without burning a large hole in your pocket. According to Remodeling Magazine’s 2019 Cost Versus Value Report, midrange improvements that yield the highest return on investments include:
-Backyard patio addition
-Entry door replacement
Work with a knowledgeable Realtor
An experienced Realtor who knows the local market well can help you get top dollar for your property. Work with one who has the right qualities and will put your interest above everything.
With over 40 years of collective experience, The Noel Team is your best guide to selling your home in the Colorado Front Range. We will be happy to represent your home. Call us today at 303-774-9400 or email sjnoel(at)remax(dotted)net.