Most homeowners have one burning concern when it comes time to sell their home.
How much money will I end up with at the end of all of this?
It’s a fair question, and there’s usually a lot riding on how much the net proceeds will be after a home sale. In most cases sellers are still carrying a mortgage on the home that they’re selling, and the many fees that can come into play during escrow can really take a bite out of the bottom line. Because of this, many sellers become hyper-focused on the price of their home, and often ironically set themselves up to receive less from the sale. This is why pricing a home correctly right from the start is crucial in the home sale process.
So how can you maximize the net proceeds from the sale of your home? Here are a few of the top guidelines to keep in mind if you’re looking to maximize your profits:
1) The Price is Right
The first 30 days after a home is listed is a critical time in which exposure to potential buyers will be at its highest. Especially in a hot market like Orange County, homebuyers often receive daily updates from their agents on homes that are brand new to the market. If the price is right, they will want to jump at your listing before someone else snaps it up.
The biggest mistake a home seller can make at this time, would be to overprice their home. Trustworthy real estate agents will tell you up front if they think your desired listing price is too high. While in the end, the seller can choose to list their home for whatever they want, it’s extremely important to heed the advice of an experienced agent. Remember, they know the market, and are in tune with what buyers will be likely to pay.
So what if it’s overpriced? If it doesn’t sell right away, we’ll just lower the price.
Many sellers want to take the “wait and see” approach, and will only agree to lower the asking price after a period of time on the market. The problem with this is that the initial pool of buyers may have already lost interest in the home. Once a home sits on the market, there is also a tendency for buyers to wonder, “What’s wrong with it?” For obvious reasons, this sentiment can greatly decrease the ultimate selling price because of decreased competition.
In short – come out of the gate strong with a competitive price, and give buyers a reason to act fast. Who knows? You might even see a bidding war!
2) Keep an Eye on Buyer Demand
Timing can be everything when it comes to listing your home. It’s important to understand the market factors that can affect the value of your home. Typically in Orange County, buyer demand for housing peaks in the springtime. That fact combined with record low inventory trends makes now an extremely opportune time to list your home for sale. However, an experienced agent should be able to guide you on how to get the maximum value for your home at any time of the year. As always, it’s important to listen to their advice if you really want to get the most for your home.
3) The Stage is Set
Possibly the most common piece of advice given to sellers, is to de-clutter and de-personalize their home before it goes on the market. It may sound simple, but proper home staging is absolutely one of the major criteria for selling your home for top dollar. Don’t take this one for granted. By working with your agent, you can create a plan to make sure your home is at it’s best before buyers come in. Give them the “wow” factor!
If you’re in Southern Orange County, and are looking for advice on when to sell your home, give the Hakola team a call today! We’ve got over 30 years experience in this market, and are always happy to answer any questions you may have about how to get top dollar for your home. (949) 661-SOLD (7653)
