Real Estate

Maximizing Your Profits When Selling a Home

Article by Pierre Zarokian.

Making the decision to sell your home is no easy task, but families do it all the time. There are a variety of reasons: some grow old and want to downgrade after kids have left the house. Others want less house because their budgets have been restricted by recession, and more families are upgrading for nicer schools or because of work. With more millennial home buyers entering the market, there’s a good chance your home will sell reasonably fast. Here are some tips to help you get the most money for it.

Improve the Condition of Your Home

If you want to make money, you have to spend money but you don’t need to throw it away. If you spend money on the right investments, you can get a decent chunk out of your efforts. Begin by cleaning your home thoroughly. Attack any long-standing bathroom stains with reckless abandon, clean mirrors and windows too. Spray some WD-40 on stubborn door hinges and sliders so they move without a sound or catch. Install updated lighting fixtures that use energy efficient bulbs, and consider upgrading your thermostat to a digital unit if you’ve not already done so. These small changes are just the beginning.

You might consider larger remodeling projects, if you have the time. Upgraded countertops, hardwood flooring, re-finished bathrooms and more space are all huge selling points when you’re trying to maximize profits.

Identify the Correct Price for Your Home

One of the reasons people use a realtor, whether they realize it or not, has to do with comparable property values. Once you know the value of properties in your area, including recent sales data on similar homes, you can begin to formulate the exact asking price you want. Most people will find that sweet spot and ask for just a hair more than what they ought to receive based on the market. This leaves room for negotiation, so follow your agent’s lead on this one.

Pricing too high might sound attractive when you’re dreaming of the check you’ll get if you sell (keyword “if”), but it means your home will stay on the market longer.

Market Your Home

The final component is professional marketing, which is another service real estate agents often provide to you. Featuring your home on the MLS will open your market up to many more buyers than a “For Sale by Owner” sign ever could.
Pierre Zarokian is an entrepreneur and real estate investor. He is the CEO of Web Design Express, a web design company in Glendale, CA.

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