With spring in full bloom, the real estate market is about to start heating up again. This is the time of year when a lot of moving activity takes place. If you are looking to sell your home this year, the market is still pretty strong for sellers. Interest rates have creeped up a little from last year, and it may not be as much of a seller’s market as it has been in past years. For this reason, you may need a little more creativity to help ensure that you are able to sell your home for top dollar.
There are several steps you should take to help position yourself for a successful home sale even in a more competitive market:
Be Strategic about Making Repairs and Improvements
It would be great if we had an unlimited budget to repair every single defect and make every improvement possible to enhance the value of our home. But most of us are not in this position, and we need to spend carefully within the limited budget we have to get the house ready for sale. Of course, we should try to fix anything we can before putting the house on the market, but there may be some defects that are not cost-effective to repair. In such cases, you just need to be open and transparent with your buyers about any issues the home might have.
As far as improvements go, it is generally best to focus on smaller, less expensive upgrades, such as painting the interior with a more appealing color. Major remodeling projects are time consuming, and they rarely produce a positive return on investment. Be very cautious about undertaking large projects before listing your home.
Prioritize Curb Appeal
The outside of the home is the first thing perspective buyers will see when they walk up to the door. You know what they say about “first impressions”, and this is especially true with home sales. Do everything you can to make your house look good from the street. Clean your gutters, weed your flower beds, fertilizer and water your lawn, keep your lawn, bushes, and shrubs trimmed, and prioritize outdoor repairs for your windows, roof, siding, and driveway. Bottom line: make your home exterior as aesthetically pleasing as possible within the constraints of your budget.
Clear Out the Clutter
Lots of furniture, furnishings, and personal items make the inside of the home seem smaller. Also, when you have your personal stuff all over the place, it is much harder for buyers to picture themselves living in the home. When your house is for sale, you need to sacrifice “livability” in favor of “marketability”. It will be an inconvenience to be sure, but it will pay off in the long run. For the time that your house is on the market, remove much of the furniture and other items. If you don’t know where to put them, consider renting temporary storage space or asking a family member or friend if you can put the items in their garage for a while. If you want to be even more proactive, consider removing all the furniture and renting new furniture that will help stage your home better. A professional staging service can help you do this more effectively.
Price your Home Appropriately
One common mistake that home sellers make is putting too high a price on their house. It is understandable that you have any emotional attachment to your home, but you need to balance that with a realistic view of what it is worth based on the current market. Overpricing your home can significantly limit the number of perspective buyers that come through your door, which usually means your house sits on the market longer, prompting buyers to question what’s wrong with it. Set a reasonable price for your home, and keep in mind that most buyers search by price points based usually on $5,000 or $10,000 increments. For example, it is much better to set your home at a price like $199,000 than $200,000, because that $1,000 difference in price is likely to attract far more traffic.
Hire a Listing Agent with Proven Results
Not all real estate agents are created equal. Some are full-time, while others do real estate as a side hustle. Some agents work primarily with buyers, while others work mostly with sellers. Those who work with sellers are commonly known as listing agents. Look for a listing agent who is full-time, has plenty of experience, and has a marketing system in place that has been shown to get results for other home sellers. The agent you choose will have a major impact on the success (or lack of success) of your home sale.
Hire an Experienced Real Estate Attorney
In Alabama, a real estate lawyer is required to draft and prepare all the legal documents related to the real estate transaction. These documents may include contracts, deeds, titles, powers of attorney, and many others. Your real estate attorney takes over after the sale has been agreed to by the buyer and seller to take care of the legal documents, negotiate repairs and other adjustments to the terms the deal, and handle any other issues that may come up. Be sure to choose an attorney who has extensive knowledge of real estate law, and an in-depth understanding of the complexities of these types of transactions.
At the offices of Davis, Bingham, Hudson & Buckner, P.C., we have over 40 years of experience assisting clients with residential real estate transactions and all other issues related to real estate in Alabama. We work closely with our clients, putting our experience to work to help ensure a smooth and seamless transaction, and to ensure that our clients’ rights and interests are fully protected throughout the process.
For a consultation with one of our attorneys, call our office at 334-821-1908. You may also send us a message through our online contact form.