How to Maximize the Resale Value of Your Home During the Pandemic
The COVID-19 pandemic has affected every aspect of modern society, from education and technology to real estate and finance. On the one hand, we’ve witnessed breakthroughs in communication and medical technology that have made our lives easier despite quarantine and social distancing.
But on the other side of the spectrum, the pandemic has taken a toll on the global economy, causing job losses and business closures. Likewise, the real estate market has experienced a few highs and lows over the past year. Despite the initial setback, home prices are expected to rise in 2021.
This is understandable considering that many working professionals are gravitating towards more spacious and comfortable properties that can accommodate home offices. With more people realizing the importance of multifunctional homes, this might be a good time to sell your property.
Now, there are plenty of reasons why you’d want to sell your home. Perhaps you’re moving to the suburbs for some peace and quiet. Or you might be looking for a bigger property to expand your growing family. Or you might want to stay closer to your aging parents.
Irrespective of why you want to sell your home, one thing is for sure – you’d want the maximum resale value for the property. This, in turn, means selling your home isn’t as straightforward as finding the right buyer. You need to set the right price, identify the right time to sell, and take suitable steps to attract potential buyers.
In this blog, we’ve outlined a few effective tips to help you maximize the resale value of your home. Let’s take a look.
1. Hire a Real Estate Agent
There are two ways to sell a residential property. You can either list your home on various real estate portals and wait for interested buyers to contact you. Or you can outsource the entire process to an experienced and trusted real estate agent.
Unless you’ve got a ton of experience in selling and investing in real estate, the second approach is more efficient and hassle-free. It’s because a professional realtor handholds you through every step.
For instance, Maser Condo Sales, a reputed California-based realtor service, helps determine the valuation of your property, promote your listing, vet potential buyers, and negotiate the best offer. Of course, a realtor will charge a significant fee, but it’s going to be worth the peace of mind they bring to the table.
2. Choose the Right Timing
If you’ve hired an experienced real estate agent, they’ll help you decide when is the right time to sell your property. Alternatively, you can keep an eye on the latest market trends and real estate prices to decide whether you should sell your property.
Having said that, you should also keep your preferences in mind. For instance, if you need to move to a new city, waiting for the market to stabilize may not be the most optimal solution. Instead, you should focus on other ways to improve the resale value.
3. Set the Right Price
If you want to get the best deal by selling your house, you must decide on an optimal price based on its valuation. A professional realtor will calculate the valuation of your property depending on market trends and comparable home sales in your area. This, in turn, will give you a better idea of how much you should ask for.
As a ground-rule, you shouldn’t set a steep price that could scare potential buyers away. But you should also avoid settling for an offer that too low compared to the valuation.
4. Get Necessary Repairs Done
No one wants to buy a property that has broken window panes, leaking taps, and wiring issues. That’s why you should thoroughly inspect your house and identify potential maintenance issues that could turn buyers away.
At the very least, you should replace broken light bulbs and fixtures, as well as clean and sanitize the entire property. Resist the temptation to splurge on any unnecessary upgrades, such as installing a walk-in closet or jacuzzi.
5. Enhance Curb Appeal
The exterior of your home will be instrumental in creating a remarkable impression on prospective buyers. Knowing that you only get one chance to make the right impression, you should ensure that your property looks picturesque and welcoming on the outside.
Simple improvements, such as applying a fresh coat of paint on the wall or landscaping the front yard, can go a long way to attract buyers. Also, you could consider installing decorative lighting fixtures and repairing the driveway.
Have you ever tried selling your home? Share your experience in the comments section below.
