If you’re thinking about putting your house on the market, congratulations! You’ve worked hard paying your mortgage over the years, and now it’s time to be rewarded with a hefty return on your investment. But how can you ensure that you’ll get the most money? Believe it or not, the small details can really affect your bottom line when you sell. Although many elements of the selling price are bound to the current market and the nature of your property, there are several things that homeowners can do to increase the value before listing. Keep reading to find out what they are!

Similar Homes in Your Neighborhood

As soon as you begin the listing process, your realtor will check for comparables in your neighborhood. Comparables are homes with similar features to your own that have recently sold, which allows you to gauge the selling power you have and eventually settle on a listing price. This service alone is an integral part of listing your home, so you’ll want to hire an expert so you can nail down the right price. If you overshoot the price, your home could sit on the market for too long, or on the contrary, you could price it too low and undercut your profit! A professional realtor will have detailed market data and be able to analyze the information to help you make the right choice. 

For reference, a good comparable will have a few key similarities. It will have been sold recently and have similar features to yours—square footage, bedrooms, bathrooms, lot size, etc.), and similar placement. For example, a lakefront home will not have the same value as one that is situated near the main road.

It’s All About Location, Location, Location

We all know this often-repeated phrase. Houses can be remodeled and manipulated to suit your tastes and current design trends, but the location cannot be changed. This is why the location of your home is among the most important factors in determining your home’s value to buyers. 

If you live in a community or neighborhood with excellent schools, employment opportunities, outdoor recreation, medical facilities, and other amenities, you can pretty much count on that increasing the value of your property over time. Those are items that cannot be changed—unlike dated décor.

More Space = More Money

The size of your home also has a big impact on the value. Usually, the more square footage your home offers, the more value it has. While tiny homes may be trendy, most people want and need sufficient space to spread out and store all their belongings.

To be clear, this includes all usable spaces in your home! Outdoor living spaces, garages, basements, and attics are equally as important when it comes to desired space in real estate.

Age Matters 

While the idea of a “big old home” may sound like your romance novel dream come true, it can be a nightmare to others. Older homes tend to come with a host of issues that are simply not seen in newer construction. While some buyers may enjoy the challenge, others want no part of it. For that reason, newer homes tend to appraise for more.

Buyers who aren’t interested in renovations or repairs and want a move-in-ready home are often willing to pay more. This is something to keep in mind if your home is on the older side.

Market Fluctuations

We are currently living through one of the most dynamic real estate markets in modern history. Interest rates are constantly changing, and things have been fluctuating quickly. These changes have significantly impacted the number of buyers looking at homes.

While the past two years have been a seller’s market and have driven home prices to their current level, the rising interest rates have cooled things down quickly. This has rapidly changed the market to more of a “watch and wait” situation.

Mortgage Rates Discourage Buyers 

Mortgage interest rates have a huge impact on the market and the value of your home to a buyer. When interest rates are low, buyers may be willing to spend more on the purchase price. The “bigger picture” doesn’t feel as risky.

When the interest rates start to climb as they are now, things change. To a buyer, the mortgage payment on a $400,000 house at 2.5 percent is far more reasonable than that same payment at 6%.

Think About Making Improvements and Updates

One of the biggest mistakes sellers can make when listing their house is to overlook minor issues they may not even notice. Damaged drywall or doors, broken fixtures, cracked tiles, missing electrical covers, etc., are a red flag to buyers. While these issues may seem insignificant to you, buyers may see them as a sign of overall neglect that could lead to more issues down the road.

Final Thoughts

Working with an experienced realtor who can explain the fluctuations in the market and the steps you can take to sell your home for top dollar is your best bet. Don’t try to do it alone! 

EmpowerHome Team is eager to serve you in your home selling journey! We have a proven proprietary listing launch and a listing omnipresence marketing system that we provide to our sellers, in addition to a fully flushed out market evaluation on comparable homes in your neighborhood. There is no better real estate team than us to get your home sold quickly and for top dollar! Plus, we back up our signature service with multiple guarantees and programs. As we like to say, “Your Price is Our Promise!” This guarantee program promises that we will sell your home for 100% of your asking price, or we will pay you the difference, GUARANTEED!* How can we make such a claim? It’s simply because of the 13,600+ buyers in our exclusive “Buyers in Waiting Program!” If you are considering selling your home, call us now at 703-634-6615.