Whether you are planning to buy a bigger home or moving into a new city, you will have to go through the complex process of selling your house. As someone who went through the challenges of purchasing a living space, putting your home on the market presents a different set of hurdles.
It can be intimidating considering it’s your first time, but you can accomplish this important goal by knowing a few key tips. If you want to make the most out of selling your home and smoothly transition to your next one, here’s what you need to do.
1. Know where the market is going
You will need to know if it’s the best time to sell your home. For that, you need to look at how the real estate market is performing in terms of supply and demand. There are months when home values rise and provide homeowners like yourself an incentive to begin the selling process.
Currently, there is a low supply of available homes for sale relative to demand. Another factor to keep an eye on is the average interest rate. In the Toronto housing market, for instance, buyers are taking advantage of low rates in a bid to lock in on mortgages they can afford. This has created an environment in which the demand for homes is greater than the supply. If you are going to sell your home, you might as well do it now as buyers want to leverage low rates.
2. Do a number of improvements
If you want your home to stand out, you need to enhance it from the interior to the exterior. You can start by refurbishing important areas like the kitchen, living room, and dining room. Replace the wall colors with trendy shades and swap old appliances with new ones. To be sure, you will need to know what today’s home buyers are looking for. For this year, expect buyers who want homes that are perfect for remote work and distance learning.
For the exterior, consider fixing dilapidated sections of the roof and repainting the exterior walls. Improving the landscaping can also make your home stand out to buyers. In addition, you can also update your patio area and add lanterns or lamps. These improvements can also help you justify your asking price at the negotiating table.
3. Price your home properly
When it comes down to selling your house, you need to make sure you are getting the most out of the sale without turning off motivated home buyers. For this reason, you need to take time to set the best price for your home.
There are a number of ways you can do this. First, you can research similar properties in your area and use the median price as a baseline. You can also hire a home appraiser who can calculate your home’s market value based on the improvements you have made and the average selling price in the local market. From there, you can hone in on a price that’s sure to win buyers over and still give you leverage at the negotiating table.
If you want to sell your home this year, you need to make sure you come out with the best deal. Keep these tips in mind and ace your first sale.