How To Not Lose Money When Selling Your Home

  • Josh Dotoli
  • 10/8/21

HOW TO NOT LOSE MONEY WHEN SELLING YOUR HOME

 

The market price determines the value of a home that a buyer is prepared to pay for it, considering supply and demand—defined as the current market price for a bargain on the house, which amounts to little more than someone may negotiate.

When selling your home, it is essential to appeal to both the emotions and the pocketbook of potential buyers. It might cost a little bit of money to get your home ready for the market, but the return should far surpass the upfront preparation investment. Listing the house at the right price helps shorten its time on the market and avoid such a perception problem.

Hire an Experienced Listing Agent

Don't assume that everyone in real estate charges the same amount. Many people selling their homes hire an agent with little to no experience and pay much less than someone who brings them 10 percent more in profit when they sell. Don't make this mistake; you're further ahead hiring an experienced agent who charges 1 percent more and offers better marketing, communication, and results.

The most important tip to remember is to hire someone who knows what they are doing. A seller doesn't want the responsibility of handling every aspect of selling their home, which is why they hire a real estate agent with experience. Hire a listing agent with detailed knowledge of your neighborhood. It should be someone intimately familiar with the current inventory of homes on the market, including the features of those homes and their selling prices. One of the first things an experienced agent can tell you is if it is worth trying and selling your home in the current market, taking into account your equity and recent, comparable sales. If it's the wrong time, avoid clogging the inventory with an overpriced home that won't sell.

Do not let the market push you into selling your home for less than it's worth. Selling REAL ESTATE is more personal than selling other goods because it requires an emotional connection with the buyer that goes beyond money. To ensure your property will fetch top dollar, consider these tips from Your Local Real Estate Group of Long Island before putting your home on the market.

Price Your Home Right

Evaluate the value of your home in terms of how it stands in the current market. When putting a house on the market, homeowners need to do their homework. They should consider how much similar homes in the area are selling for and what your target audience is looking for regarding location, features, local schools, etc. 

If you're looking for a quick way to make your home more appealing, consider what makes other properties in the area so desirable. When buyers become emotionally connected to something they find attractive, even if it doesn't fit into practicality or affordability at first glance, it can result in a financially sound ROI. 

HOW TO NOT LOSE MONEY WHEN SELLING YOUR HOME

 Prepare Your Home 

You can make your house stand out by sprucing it up for the market. Cosmetic repairs, painting, and landscaping are all affordable ways to give it that extra something special! If you're looking at selling over list price in a short period, then think about investing in these things now because they will pay off down the line.

Set aside an amount you can afford for repairs and sprucing up the place. Ask your agent to help determine which home improvement items are most important, like tackling cosmetic issues like paint or flooring right away without worrying about major structural repair work first! Click here for a diagram illustrating the top home renovations with the largest ROI. 

Ask them if they know any good contractors - make sure it's someone reputable who will do a professional job at fair prices (you'll want this later!) If you have any friends or family that are handy with tools, then this may be worth approaching them for help.

Skip the bathroom renovation. Most buyers poke their heads in and don't spend any time in the room, so make it as clean of a space you can get for them by investing some money on new towels, soap dishes, clean faucets.

If you have a garage, make it as immaculate as possible. Think of ways to increase functionality that don't require much money or time- maybe a bike rack if there's room, a table for the tools if this is a "man" house. Make it look organized and well thought out.

Consider Compass Concierge: Compass Concierge is the hassle-free way to sell your home faster and for a higher price with services like staging, flooring painting. You work closely with an agent who will help you decide which projects can most increase their value - all while setting an estimated budget! Here's how it works. 

  1. You and your agent work together to decide which services can increase your home's value the most and set an estimated budget for the work.
  2. When you're ready to start, your Compass agent will be by your side as you engage vendors and commission work.
  3. Once the transformation is complete, your home will go on the market.
  4. You'll pay for the services when one of the following happens — your home sells, you terminate your listing agreement with Compass, or 12 months pass from your Concierge start date

Examine The Costs of Your Sales Contract In Detail.

A list of fees that the purchasers and sellers will be charged is buried in your 10- to 20-page offer's paperwork. A buyer may also request additional inspection reports or even a seller concession in connection with closing expenses. All of these charges are negotiable. Consider increasing the sales price if a buyer requests 3% in closing costs compensation.

  • Negotiate: When it's time to reply to an offer, negotiate the costs. Even if it's common practice in your region for a seller to pay certain charges, you may always request that he or she pays them in a counteroffer.
  • Set Expectations: If a buyer asks for specific reports such as a pest report or a roof inspection, set a limit on the repair expenses to prevent yourself from picking up the tab.
  • Timing: The closing could be done at the beginning of the month rather than at the end of the month to save money on interest expenses. This method does not apply to FHA loans.

Conclusion

For anyone looking to buy or sell a home, I recommend consulting with a real estate expert. Who you work with matters! Dotoli Group has helped hundreds of buyers and sellers find their dream homes. Check out our reviews online. For more info, Email: Info@DOTOLIgroup.com Call or TEXT 954.290.4793.

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